Frontline sells $580 million notes to refinance tanker fleet

Frontline sells $580 million notes to refinance tanker fleet    Frontline Ltd., the major tanker shipping group, has sold $580 million of senior notes through its newly-formed wholly-owned subsidiary, Ship Finance International Ltd., Reuters reported.
   The notes, sold through a private offering, are due to be paid back in 2013, and have a coupon of 8.5 percent. They were rated as “B2” by Moody’s, Reuters said.
   Ship Finance International intends to use the proceeds of the debt offering to acquire 47 vessels from the parent company Frontline, and for a related refinancing of the vessels’ senior secured indebtedness.
   The senior notes have not been registered under the U.S. Securities Act of 1933, and are being offered for resale only to qualified institutional buyers in reliance on Rule 144A under the
Securities Act and to non-U.S. persons pursuant to Regulation S.