Stolt-Nielsen S.A. Receives $625 Million in Commitments For the Financing of Eight Parcel Tankers
SOURCE:
Stolt-Nielsen S.A.
2008-08-06 10:47:00
Stolt-Nielsen S.A. Receives $625 Million in Commitments For the Financing of Eight Parcel Tankers
LONDON–(EMWNews – August 6, 2008) – Stolt-Nielsen S.A. (
announced today that it has received commitments in excess of the
$625 million required for the financing of eight 43,000 dwt K-43
class parcel tankers currently on order from SLS Shipbuilding Co.,
Ltd. in Korea.
The approximately 16-year pre- and post- delivery financing covers
80% of the cost of the ships, and will benefit from 95%
comprehensive
insurance from the Korean Export Insurance Corporation (KEIC).
The
financing was arranged by joint bookrunners Citi (as coordinator),
Deutsche Bank and Fortis, and represents the largest financing
ever
undertaken by Stolt-Nielsen.
Commenting on the financing, Mr. Jan Chr. Engelhardtsen, Chief
Financial Officer of SNSA, said, “We are pleased to have arranged
this loan transaction in an exceptionally difficult credit market
worldwide. This KEIC-guaranteed financing is a testament to
SNSA’s
excellent credit standing and strong balance sheet.”
This new facility completes SNSA’s existing newbuilding financing
requirements, which total $1.24 billion.
Stolt-Nielsen currently operates a fleet of 158 sophisticated
parcel
tankers, product tankers, river tankers and barges, ranging in
size
from approximately 1,000 to 44,000 dwt. The K-43 class
acquisitions
represent a cornerstone of the Company’s newbuilding strategy,
enabling Stolt-Nielsen to continue to meet the growing demands of
its
sophisticated global client base.
About Stolt-Nielsen S.A.
Stolt-Nielsen S.A. (SNSA or the “Company”) is one of the world’s
leading providers of transportation services for bulk liquid
chemicals, edible oils, acids, and other specialty liquids. The
Company, through the parcel tanker, tank container, terminal, rail
and barge services of its wholly owned subsidiary Stolt Tankers &
Terminals and Stolt Tank Containers, provides integrated
transportation solutions for its customers. Stolt Sea Farm,
wholly
owned by the Company, produces and markets high quality turbot,
sole,
sturgeon, and caviar. Stolt-Nielsen is currently listed on the
Oslo
Stock Exchange
Forward-Looking Statements
This press release contains “forward-looking statements” within
the
meaning of the U.S. Securities Act of 1933 and the Securities
Exchange Act of 1934. These statements may be identified by the
use
of words like “anticipate,” “believe,” “estimate,” “expect,”
“intend,” “may,” “plan,” “project,” “will,” “should,” “seek,” and
similar expressions. The forward-looking statements reflect the
Company’s current views and assumptions and are subject to risks
and
uncertainties. The following factors, and others which are
discussed
in the Company’s public filings and submissions with the U.S.
Securities and Exchange Commission, are among those that may cause
actual and future results and trends to differ materially from the
Company’s forward-looking statements: the general economic
conditions
and competition in the markets and businesses in which the Company
operates; changes in the supply of and demand for parcel tanker,
tank
container and terminal capacity in the markets in which the
Company
operates; changes in the supply of and demand for the products we
transport, particularly the bulk liquids, chemicals and other
specialty liquids that form the majority of the products that we
transport; prevailing market rates for the transportation services
that the Company offers and the fish products that the Company
sells;
changes in bunker fuel prices; the cost and feasibility of
maintaining and replacing the Company’s older ships and building
or
purchasing new ships; uncertainties inherent in operating
internationally; fluctuations in currency exchange rates; the
outcome
of legal proceedings; the Company’s relationship with significant
customers; the outcome of discussions with customers concerning
potential antitrust claims; the impact of negative publicity;
environmental challenges and natural conditions facing the
Company’s
aquaculture business; the impact of laws and regulations;
operating
hazards, including marine disasters, spills or environmental
damage;
the conditions and factors that may influence the decision to
issue
future dividends; and the market for long-term debt. Many of these
factors are beyond the Company’s ability to control or predict.
Given
these factors, you should not place undue reliance on the
forward-looking statements. Should one or more of these risks or
uncertainties occur, or should management’s assumptions or
estimates
prove incorrect, actual results and events may vary materially
from
those discussed in the forward-looking statements.
Copyright © Hugin AS 2008. All rights reserved.
Contacts:
Jan Chr. Engelhardtsen Jens F. Grüner-Hegge |
|
Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89
Get Unlimited Organic Website Traffic to your Website
TheNFG.com now offers Organic Lead Generation & Traffic Solutions