HAMILTON, Bermuda, March 5, 2014 (GLOBE NEWSWIRE) -- Ship Finance International Limited (NYSE:SFL) ("Ship Finance" or the "Company") announces that it intends to issue new bonds in the Norwegian bond market with maturity in March 2019 and a minimum borrowing amount equivalent to approximately USD 100 million. The proceeds from the bonds are expected to be used to refinance existing debt and for general corporate purposes.
A portion of the new bond loan may be offered to qualified institutional investors in the United States pursuant to Rule 144A of the U.S. Securities Act of 1933, as amended (the "Securities Act") or another available exemption from registration under the Securities Act, and will be concurrently offered outside of the United States pursuant to Regulation S of the Securities Act.
DNB Markets, Nordea Markets and Swedbank have been appointed as joint lead arrangers of the new contemplated bond issue.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of the bond or any other security of the Company. The contemplated bond loan will not be registered under the Securities Act or any state securities laws, and if issued, can only be offered for resale to qualified institutional buyers in reliance on Rule 144A under the Securities Act. Unless so registered, the bond loan may not be offered or sold in the United States except pursuant to an exemption from registration requirements of the Securities Act and applicable state securities laws.
The Board of Directors
Ship Finance International Limited
Questions should be directed to:
Jan Krogh-Vennemo, DNB Markets
Erich Normann, Nordea Markets
+47 22487782, or
Fred Lund, Swedbank
Ole B. Hjertaker, Chief Executive Officer, Ship Finance Management AS
About Ship Finance
Ship Finance is a major ship owning company listed on the New York Stock Exchange (NYSE: SFL). Including newbuildings, the Company has a fleet of 71 vessels, including 22 crude oil tankers (VLCC and Suezmax), two chemical tankers, 12 drybulk carriers, 22 container vessels (including six newbuildings), two car carriers, six offshore supply vessels, two jack-up drilling rigs, two ultra-deepwater semi-submersible drilling rigs and one ultra-deepwater drillship. The fleet is one of the largest in the world and most of the vessels 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.
Important factors that, in the Company's view, could cause actual results to differ materially from those discussed in this presentation include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the tanker market as a result of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in the Company's operating expenses including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission.