International Seaways, Inc. successfully placed $250 million of new senior unsecured bonds in the Nordic bond market. These bonds are scheduled to mature in September 2030 and carry a fixed coupon of 7.125% per annum, payable semi-annually in arrears.
The net proceeds from this bond issue are intended for the refinancing of the Ocean Yield sale-and-leaseback agreement, a significant financial obligation. This move is expected to enhance the company's balance sheet structure and potentially lower its breakeven costs.
An application will be made for the bonds to be listed on the Oslo Stock Exchange, increasing their visibility and liquidity. This successful placement demonstrates the company's ability to access capital markets for strategic financial management and general corporate purposes.
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