American Shipping Company ASA : Contemplating New Senior Unsecured Bond Issue
February 07 2017 - 12:30AM
Fornebu, 7 February 2017
American Shipping Company. (AMSC) through
its fully owned subsidiary American Tanker Inc ('AMSC' or the
'Company') is contemplating the issuance of a new five-year senior
unsecured bond in the Nordic bond market. Ocean Yield ASA and/or
its subsidiaries (OCY) have pre-committed a participation of up to
50% of the contemplated bond issue. The net proceeds from the new
bond issue are expected to be used towards repaying all of the
outstanding principal amount of the Company's USD 216 million
senior unsecured bond issue with ISIN NO 001 0699879 (the "Existing
Bond"). Subject to completion and settlement of the contemplated
new bond issue, AMSC will exercise the call option in the Existing
Bond to be redeemed in full at 101.00% of par value plus accrued
interest. There is no assurance that the offering will be completed
or, if completed, as to the terms on which it is completed.
A portion of the bonds may be offered in the
United States to qualified institutional investors (or QIBs) as
defined in Rule 144A of the U.S. Securities Act of 1933, as amended
(the "Securities Act") concurrently with bonds offered outside of
the United States pursuant to Regulation S of the Securities
Act.
The bonds have not been and will not be registered
under the Securities Act or any state securities laws, and may not
be offered or sold in the United States absent registration or
unless pursuant to an applicable exemption from the registration
requirements of the Securities Act and any other applicable
securities laws. This press release does not constitute an offer to
sell or the solicitation of an offer to buy the bonds, nor shall it
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
The Company has retained Arctic Securities,
Clarksons Platou Securities, Pareto Securities and SEB as joint
lead managers for the contemplated transaction.
Sparebank 1 Markets has been retained as
Co-Manager.
For further information, please contact:
Pål Magnussen (CEO, AMSC)
Tel +47 24 13 00 04
Morten Bakke (CFO, AMSC)
Tel: +47 24 13 00 87
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: American Shipping Company ASA via
Globenewswire
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