American Shipping Company ASA – American Tanker, Inc.: Successful close of USD200m bond issue

Reference is made to the press release dated 11 June 2020 by American Tanker, Inc (“ATI”), an indirectly wholly owned subsidiary of American Shipping Company ASA (OSE:AMSC, OTCQX:ASCJF) in relation to its engagement of financial advisors to explore options to refinance its outstanding USD 220 million bond. ATI has today successfully completed the placement of a USD 200 million senior unsecured bond among Nordic and International investors.

The new bond issue has a coupon of 7.75% and a tenor of 5 years. The net proceeds will be used to refinance the outstanding bond issue with ticker AMTI01 maturing in February 2022.

Settlement is expected to be 2 July 2020 with final maturity date expected to be 2 July 2025.

An application will be made for the bonds to be listed on the Oslo Stock Exchange.

ATI had retained Arctic Securities, Clarksons Platou Securities, Pareto Securities and SEB as joint lead managers for the transaction. Fearnley Securities and Sparebank 1 Markets had been retained as Co-Managers.
Source: American Shipping Company ASA