Ocean Carrier Review
Pacific Northwest Ports
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NOCC: Part redemption of the 10.5% Norwegian Car Carriers ASA Senior Unsecure Open Bond Issue 2010
Norwegian Car Carriers ASA has today filed a notice with Norsk Tillitsmann ASA (the Bond Trustee) to exercise the option to redeem NOK 40,000,000 of the NOCC01 NOK 225,000,000 10.5% 2010/2015 unsecured bond loan at a price of 102.5% of par value. The redeemed amount including the early redemption premium and accrued interest will be settled from the Company’s cash balance on 12 November 2013 (the “Settlement Date”).
The redeemed bonds will be discharged on the Settlement Date. Following the part redemption the amount outstanding under the Bond will be NOK 185,000,000.
The redeemed bonds represent annual interest expenses of NOK 4,200,000.
Engebret Dahm, CEO at NOCC comments: “we find it attractive to utilize the early redemption option, and by doing so, the Company is taking another step towards reducing the cost of capital through applying low yielding bank deposits to take out part of the Bond.”
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