Euronav Successfully Completes Tap Issue Under Its Senior Unsecured Bonds
Euronav Luxembourg S.A., a wholly owned subsidiary of Euronav NV, has successfully completed a tap issue of USD 50 million under its existing senior unsecured bonds with ISIN NO0010793888.
The bonds are guaranteed by Euronav NV, mature in May 2022 and carry a coupon of 7.50%. The tap issue was priced at 101% of par value. The outstanding amount after the tap issue will be USD 200 million. Arctic Securities AS, DNB Markets and Nordea acted as joint lead managers in connection with the placement of the tap issue.
Traditional sources of capital available to tanker shipping remain under regulatory and competitive pressure within the banking sector. The management of Euronav is continuously looking at funding diversification. Undertaking this tap issue allows Euronav the opportunity to increase the scale and marketability of its existing bond and provide further strength to its capital structure.
The tap issue was successfully placed with a range of international investors and as a result differentiates Euronav further from its peer group.
Hugo De Stoop, Euronav CEO said: “This is a further positive step for Euronav. This transaction proves we continue to benefit from a variety of funding options. Increasing our presence in the debt capital markets represents an important progression for the company.”