Master Marine Successfully Secures Bonds
Master Marine AS announced that the company has successfully placed EUR 60 mm of secured bonds through DnB NOR Markets. The bonds have a 3 year maturity with call options, and a carve-out for the remaining bank financing. The bonds are expected to be listed for trading on the Alternative Bond Market in Oslo.
Together with the share offering of NOK 258.2 million which was closed June 3, 2008 and lead by Kaupthing, this concludes the second phase of the financing of Master Marine's two Jack-up Construction Vessels under construction at Drydocks World Graha ship yard in Batam, Indonesia. The vessels are scheduled to be delivered in Q1 and Q3 2010 respectively. The bond as well as the share issue give the company liquidity well into second half of 2009. The third and last phase of the funding , which is envisaged as senior secured bank loan will take place not later than the first half of 2009 in connection with the company having secured firm contracts for the vessels.
The company is very pleased with the transactions and the work which both DnB NOR and Kaupthing have done in a very challenging credit market.