Stolt-Nielsen raises $104 million in equity

Stolt-Nielsen raises $104 million in equity       Stolt-Nielsen S.A., the struggling Norwegian tanker shipping and offshore energy company listed on the Nasdaq stock exchange, said today that it is raising $104 million in equity in a private placement of 7.7 million common shares.
   The shares were priced at 92.75 Norwegian kroner ($13.50c) per share, which was the bid price of the shares on the Oslo stock exchange at the market close yesterday. The sale will close on Jan. 26. On completion of the issuance, Stolt-Nielsen will have 62.6 million shares outstanding.
   The company said that the net proceeds from the sale are expected to be used for repayment of existing maturing debt, working capital and general corporate purposes.
   Stolt-Nielsen also said that it may consider “various other actions to address its remaining capital requirements.” The company, which is preparing a restructuring plan, said that these actions may include a subsequent rights issue of up to 3.0 million common shares, asset sales and the refinancing of certain outstanding debt.
   On Jan. 15, Stolt Offshore S.A., a 63.5-percent owned offshore subsidiary of Stolt-Nielsen, announced that it also was raising capital through a private placement.