John Fredriksen’s Ship Finance International has tapped the Norwegian bond market for $80m.
Ship Finance, which invested over $1bn to grow its fleet last year, worked with DNB Markets, Nordea, SEB, Arctic Securities and Danske Bank on the move.
It has printed the new paper in a week which has seen an explosion in capital markets activity in the Norwegian system.
Arne Fredly’s Hunter has just issued new stock worth $80m and Tor Olav Troim’s 2020 Bulkers complete a private placement.
Ship Finance has been growing its fleet with three major containership deals in 2018.
Chief executive Ole Hjertaker has stressed the cheque book is not only open to container deals and other vessel types remain on the shopping list.
It did not reveal a specific use of proceeds for the bond cash, stating simply that proceeds were for general corporate purposes.
While the latest issue is being described by financial sources as a housekeeping exercise, it adds to an already sizable war chest at Ship Finance.
The company had $164m in cash at the end of the first quarter and a sizable chunk of shares in Frontline.
Ship Finance has a fleet of more than 80 vessels is split between tankers, bulkers, container vessels and offshore assets.
Its contract backlog sits at over $3.8bn after fresh deals for containerships and car carriers in 2019.
The company is a regular in the Norwegian bond market and repaid one set of outstanding notes in March.
