Odfjell bond issue nets over $80m

Norwegian shipowner has additional cash for expansion after latest visit to bond market.

Odfjell has collected NOK 700m ($82.3m) from its latest trip to the Oslo bond market.

The tanker owner completed the issue with a view to raising growth capital and repaying debt on existing bonds.

Danske Bank Markets and DNB Markets led what will be the company’s fourth live bond.

As TradeWinds reported this week Odfjell is back on the growth path after cutting costs and boosting operations with efficiency projects.

Prior to the bond move, the company already had $191m in cash reserves.

However, not all of the new money will be available for growth, with NOK 119.5m from today's purse being used to retire existing bond debt, according to a statement to investors.

Calls to Terje Iversen, chief financial officer of Odfjell, were not answered today.

Odfjell already has a fleet of around 80 vessels, including 44 owned ships.

Its stable includes four 49,000-dwt newbuildings, which will be the largest stainless steel chemical tankers ever constructed.

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