Press release from Ship Finance International Limited, October 12, 2012
Ship Finance International Limited (NYSE:SFL) (“Ship Finance” or the “Company”) announces that it has successfully placed a five-year senior unsecured bond in the Norwegian credit market with a quarterly coupon of NIBOR + 5.00% p.a.. The principal amount of the notes is NOK 600 million, which is equivalent to approximately USD 105 million. Drawdown will be in October 2012 and the Company intends to swap all payments to USD with an expected fixed interest rate of approximately 6.25% p.a. The bond will be applied for listing on the Oslo Stock Exchange.
The proceeds from the bond issue will be used to refinance existing debt and for general corporate purposes.
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Questions should be directed to:
Ole B. Hjertaker, Chief Executive Officer, Ship Finance Management AS
+47 23114011
Magnus T. Valeberg, Senior Vice President, Ship Finance Management AS
+47 23114012
About Ship Finance
Ship Finance is a leading ship-owning company with one of the largest and most diverse asset bases across the maritime and offshore industries. It is listed on the New York Stock Exchange and trades under the symbol “SFL.” Including newbuildings, the Company has a fleet of 67 vessels that consists of 25 crude oil tankers (VLCC and Suezmax), two chemical tankers, three oil/bulk/ore vessels, 12 drybulk carriers including, two newbuildings, 15 container vessels including, four newbuildings, six offshore supply vessels, one jack-up drilling rig, one ultra-deepwater drillship and two ultra-deepwater semi-submersible drilling rigs. Most of the vessels and offshore drilling units are employed on long-term charters. More information can be found on the Company’s website: www.shipfinance.org
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Ship Finance management’s examination of historical operating trends. Although Ship Finance believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, Ship Finance cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.