SFL Corporation Launches NOK 750 Million Bond Offering
SFL Corporation Launches NOK 750 Million Bond Offering
SFL Corporation Ltd. (NYSE: SFL) recently made headlines by successfully placing NOK 750 million in senior unsecured bonds, scheduled to mature on September 25, 2029. This significant move in the financial market is accompanied by attractive features, including a quarterly coupon tied to the three-month Norwegian Interbank Offered Rate (NIBOR) plus a margin of 3.25% per annum.
Utilization of Proceeds
The net proceeds from this bond issuance are strategically designated for two main purposes. Primarily, the funds will facilitate the redemption of the existing NOK 600 million senior unsecured bonds that are due in January 2025. This proactive approach allows SFL to manage its debt more efficiently and fortify its financial standing. Alongside this, the remaining funds will support general corporate activities, ensuring the company can continue to thrive in a competitive environment.
Key Financial Partners
Securing such a considerable bond issuance is no small feat, and SFL Corporation accomplished this with the expert assistance of Arctic Securities, DNB Markets, and SEB, who acted as Joint Bookrunners. Additionally, Fearnley Securities and Pareto Securities played crucial roles as co-managers, collaborating to make this offering a success. Their ample experience and insight into the financial market were instrumental in attracting the right investors.
Redeeming Existing Bonds
In an exciting development, SFL has formally notified Nordic Trustee AS regarding its decision to exercise the call option. This allows the company to redeem all outstanding existing bonds, effectively managing its liabilities and paving the way for future financial strategies. This proactive measure demonstrates SFL's commitment to maintaining a robust capital structure.
About SFL Corporation
SFL Corporation Ltd. is renowned for its outstanding track record within the maritime sector. Since being listed on the New York Stock Exchange in 2004, the company has consistently paid dividends each quarter, reflecting its dedication to shareholder returns. The company operates a diverse fleet, comprising tanker vessels, bulkers, container vessels, car carriers, and offshore drilling rigs, showcasing SFL's versatility and capacity to meet various market demands.
Long-Term Growth and Stability
With a focus on long-term distribution capacity, SFL’s strategy is bolstered by a portfolio filled with long-term charters, which secures income stability and facilitates continued growth. This approach positions SFL favorably for future opportunities while ensuring that it remains a leader in the maritime industry.
Investor Relations Contact Information
SFL understands the importance of maintaining transparent communication with its investors. Key contacts for inquiries include Aksel Olesen, Chief Financial Officer, who can be reached at +47 23 11 40 36; André Reppen, Chief Treasurer & Senior Vice President at +47 23 11 40 55; and Marius Furuly, Senior Vice President - Energy, available at +47 23 11 40 16. For media inquiries, Ole B. Hjertaker, Chief Executive Officer, can be contacted at +47 23 11 40 11.
Frequently Asked Questions
What is the value of the bonds issued by SFL Corporation?
SFL Corporation successfully issued NOK 750 million in senior unsecured bonds.
What is the maturity date of the newly issued bonds?
The bonds are set to mature on September 25, 2029.
Who were the joint bookrunners for this bond issuance?
Arctic Securities, DNB Markets, and SEB served as the Joint Bookrunners for the bond offering.
How will the proceeds from the bond issuance be used?
The proceeds will be used to redeem existing bonds maturing in January 2025 and support general corporate purposes.
What is the history of SFL Corporation in dividend payments?
SFL Corporation has paid dividends every quarter since its listing on the New York Stock Exchange in 2004, demonstrating its commitment to shareholder returns.
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