The 5-year fixed rate notes will pay a coupon of 4.15% p.a. and the 5-year floating rate notes will pay a coupon of 0.88% p.a. over the 6-month SGD swap offer rate. The notes will be issued on 14 December 2006 and will mature on or about 14 December 2011.
The first SGD debt securities offering by the Odfjell Group, the notes were well-received by asset management companies, banks, government agencies, insurance companies and private banks. The notes are offered to investors pursuant to exemptions under Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore.
Proceeds of the offering will be used for financing newbuildings, acquisition of second-hand vessels and investments in tank terminals by the Odfjell Group and possibly refinancing in part the existing borrowings of the Odfjell Group. Approval in-principle has been received for the listing and quotation of the notes on the Singapore Exchange Securities Trading Limited ("SGX-ST"). Admission to the Official List of the SGX-ST is not to be taken as an indication of the merits of the notes.
Odfjell ASA is a leading company in the global market for transportation and storage of chemicals and other specialty bulk liquids. Odfjell ASA owns and operates parcel tankers in global and regional trade as well as a network of tank terminals. Odfjell ASA has been listed on the Oslo Stock Exchange since May 1986 and as at 30 September 2006, has a market capitalisation of approximately USD 1.3 billion.
Odfjell Asia II Pte Ltd is an integral part of Odfjell ASA's global network. Odfjell Asia II Pte Ltd's activities are primarily focused on the shipment of chemicals between Asia and other global markets and are part of the larger presence the Odfjell Group has in Asia, particularly in Singapore.
For further information, please contact:
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Odfjell ASA |
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Haakon Ringdal, CFO
Office Number: +47 5527 4669
Mobile Number: +47 995 83 620
Email: Haakon.Ringdal@odfjell.com
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Tom Haugen, Financial Manager
Office Number: +47 55274669
Mobile Number: +47 905 96 944
Email: Tom.Haugen@odfjell.com
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This and other announcements from the Odfjell Group can be accessed through the Internet at "www.odfjell.com".
These materials are not an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or the selling security holder that will contain detailed information about the company and management, as well as financial statements.