Stolt-Nielsen Limited, a major player in the global shipping and logistics industry, has successfully increased its bond series by NOK 325 million, bringing the total outstanding amount to NOK 1,525 million. The company completed this tap issuance on its senior unsecured bonds, maturing on September 26, 2028. The bonds, which carry a floating coupon rate of NIBOR plus 315 basis points, were sold at par value in response to reverse inquiries from investors.
The newly raised funds are earmarked for general corporate purposes. In a strategic move to manage its interest rate exposure, Stolt-Nielsen converted the proceeds from the Norwegian krone to U.S. dollars, locking in a secured interest rate of 7.805%. DNB Markets, a key financial services provider, facilitated the transaction as the sole arranger, ensuring a smooth and efficient process.
This financial maneuver underscores Stolt-Nielsen's proactive approach to capital management and its commitment to strengthening its corporate functions. The conversion to U.S. dollars also indicates the company's focus on optimizing its financial structure amidst the dynamic global economic landscape.
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