Investors in Oslo have pumped another $122m into shipping bonds as Klaveness Combination Carriers (KCC) and Navigator Holdings joined the list of successful issuers in recent weeks.
KCC has added NOK 200m ($22.4m) to its liquidity by tapping a bond issue it sold in January.
The shipowner, whose vessels can carry both oil and dry bulk, said the additional debt was sold at 98.5% of par value.
The deal brings the outstanding amount to NOK 700m.
Lower interest
The bond carries interest of Nibor plus 4.75%, which has lowered KCC's financing costs.
The issue expires in February 2025.
"The transaction was significantly oversubscribed," KCC said.
Danske Bank, Nordea, Pareto Securities and SEB acted as joint lead managers for the tap issue.
KCC said the money would be used for general corporate purposes.
The company has previously said it would need to raise new funds to press ahead with options for Cleanbu carrier newbuildings it is holding in China.
Navigator adds $100m
Meanwhile, US-listed LPG carrier owner Navigator said it had sold $100m of bonds.
The company said the issue was "significantly oversubscribed".
The five-year debt carries a fixed coupon interest rate of 8%.
The shipowner has already spent some of the money on buying back $47.5m of its existing $100m senior unsecured bond expiring in 2021.
The company is using a call option to repurchase the rest.
Nordea, Pareto Securities and Clarksons Platou Securities acted as global coordinators and joint lead bookrunners.
The two deals provide further evidence of investors' willingness to support shipowners in the bond market in recent weeks.
Last month, car carrier giant Wallenius Wilhelmsen banked $224m after selling a bond.
And Norwegian shipping investment company Kistefos raised $114m in new bonds, which it will use to refinance existing debt and bolster working capital.
