Stolt-Nielsen Considering Bond Issue

zoom Oslo-listed Stolt-Nielsen Limited is contemplating the issuance of new senior unsecured bonds in the Norwegian bond market with a minimum amount of NOK 700 million (around USD 89 million). The company said it intends to use the proceeds for general corporate purposes. The offering will be made to Norwegian professional investors and eligible counterparties, non-United States persons in offshore transactions within the meaning of Rule 902 under the Securities Act of 1933, and qualified institutional buyers. The bonds may not be purchased by, or for the benefit of, persons resident in Canada, the companys announcement reads. Danske Bank Markets, DNB Markets, Nordea Markets and Pareto Securities have been appointed as joint lead managers in connection with the potential transaction. 2014 proved to be another disappointing year for Stolt-Nielsen Limited overall, primarily due to Stolt Tankers, where the expected recovery did not materialise. SNL reported a net profit of $78.1 million, down from $81.8 million in 2013.