Sveaas going on the road to raise bond cash

Norwegian shipping investor Christen Sveaas' holding company Kistefos is going on the road to drum up support for another bond sale.

It has asked ABG Sundal Collier and DNB Markets to arrange a series of fixed-income investor meetings starting on Wednesday.

A Norwegian senior unsecured floating-rate bond issue maturing over four years may follow, subject to market conditions.

As part of the potential issue, it may offer a conditional buyback of its NOK 1bn ($) Kist04 bond due this year.

Following close of the potential new bond sale, Kistefos intends to call the remaining part of Kist04 in whole or in parts.

In October, Kistefos said it was considering tapping into a bond 2021 issue in Oslo.

It was eyeing extra funds of NOK 200m.

There was NOK 800m outstanding currently and the maximum amount Kistefos could sell was NOK 1bn.

Kistefos controls Viking Supply Ships and Western Bulk.