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NOL bond issue to fund newbuildings

NOL bond issue to fund newbuildings

Singapore: Neptune Orient Lines is raising S$280m from a bond issue to part fund its recent newbuilding orders. NOL issuing S$280m in notes bearing interest of 4.65% and due for redepemtion in 2020. DBS Bank has been appointed sole lead bookrunner and manager for the offering. The company said the proceeds from the offering would be swapped into US dollars to part finance 12 containership newbuildings it ordered recently. The company recently lined up a $150m term loan as part of the financing for two 10,000 teu newbuildings it ordered. [27/08/10]

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