Odfjell taps bonds

Norwegian tanker owner Odfjell has raised NOK 300m ($50m) from tapping into its 2012 bond issue.

A tap deal allows the company to sell debt from past issues.

The NOK 500m ODF 06 bonds were last traded on 12 May at NOK 104.50. They have risen from NOK 99.50 towards the start of 2013.

They were likely sold at the current market price, but with the same 2018 maturity and 8.35% coupon rate.

Net proceeds from the potential transaction will be used for general corporate purposes, the owner said.

The outstanding amount of the issue is now NOK 800m.

DNB Markets, Nordea Markets and Swedbank Norway have been appointed joint lead managers of the potential transaction.