Car carrier giant Wallenius Wilhelmsen is banking NOK 2bn ($224m) after selling a bond in Oslo.
The shipowner said last week it was arranging meetings with investors to gauge the appetite for a debt sale.
On Wednesday, the outfit said the unsecured issue carries interest at three-month Nibor plus 5.75%. It matures in September 2024.
"Net proceeds will be used to refinance existing debt and other general corporate purposes," Wallenius Wilhlemsen added.
Danske Bank, DNB Markets, Nordea, SEB and Swedbank acted as joint lead managers for the bond issue.
The company had also previously indicated it could buy back some of its NOK 1bn WALWIL01 bonds due in October 2022 and the NOK 1bn WALWIL02 series due in September 2021.
Older debt repurchased
On Wednesday, Wallenius Wilhelmsen said it had bought back NOK 276.5m of WALWIL02, NOK 41m of the NOK 1bn WWI19 issue and NOK 286m of WALWIL01.
The move comes as US-listed LPG carrier owner Navigator Holdings and Norwegian shipping investment company Kistefos are also looking to get Oslo bond issues away.
Wallenius Wilhelmsen said in its second-quarter results that it expects the effects of the pandemic to linger into the third quarter.
The company revealed a net loss of $69m to 30 June, against profit of $3m in 2019.
This increased the loss in the first half of the year to $353m.
Revenue plunged to $606m from $1bn the year before as ocean volumes dropped 45% because of lower carryings across all trade lanes and product segments. This compared with its earlier forecast of 50%.
The company has taken action to cut costs, redelivering chartered vessels and laying up 15 of its own, up from a previous target of 10.
Wallenius Wilhelmsen has also agreed a deal with its banks to defer instalments of about $70m due in the second half of 2020.
