Odfjell will look to tap the Oslo bond market once again with the issuance of fresh debt hot on the heels of a newbuilding order in China.
The chemical tanker owner is contemplating the issuance of new unsecured bonds with maturity in September 2019.
Terje Iversen, chief financial officer at Odfjell, told TradeWinds the issued bond would be around NOK 500m ($61.15m).
He added that the proceeds will partly be used to refinance an outstanding bond maturing in 2017 and partly for corporate purposes, including the company’s newbuilding programme in China.
Odfjell revealed a $240m order for four ships in China last month at the same time as reporting a profit of $16m in the second quarter, against $7m a year ago.
TradeWinds reported last week that Hudong-Zhonghua Shipbuilding of China had secured the order for the quartet of stainless-steel chemical tankers.
The letter of intent between the two parties includes four firm units and up to four options.
Odfjell will make an application to list the bonds on the Oslo Bors while DNB Markets and Nordea Markets acted as joint lead managers.
