Torm intends to sell a five-year US dollar-denominated senior unsecured bond to finance its acquisition of eight LR2 tankers.
Net proceeds will be used to part-finance five of the eight LR2 product tankers it bought in November, as well as for full repayment of a bridge facility and general corporate purposes.
The Copenhagen-listed company has mandated Danske Bank, DNB Markets, Nordea and SEB as joint bookrunners to arrange a series of fixed-income investor calls starting on Monday.
Torm paid $399m for the eight vessels from SKS Greentankers Holding, a joint venture owned by Norway’s Kristian Gerhard Jebsen and Hayfin Capital.
Towards the end of 2023, Torm obtained a commitment from six relationship banks for a bridge facility of $165m for five vessels. The facility was undrawn as of 31 December.
