NOL in next phase of cash-raising
Singapore-based NOL Group said Thursday it will issue roughly $243 million in interest-bearing notes as part of its $1.5 billion cash raising program to partially finance new containerships.
It's the second such sale of notes for NOL, the parent company of liner carrier APL, since. The company issued its first set of euro medium-term notes in September 2010, raising around $210 million.
The new notes, expected to be issued on June 22, will bear interest at 4.4 percent and be redeemable in June 2021. NOL will have the option to redeem the notes, in whole or part, at any time after June 2016.
DBS Bank, Standard Chartered and HSBC are organizing the deal.
Earlier this month, NOL finalized a loan arrangement for $1.1 billion to help finance 14 ships on its order book. According to maritime consultant Alphaliner, the line has 22 ships on order in total.