B+H Ocean Carriers Ltd. (AMEX: BHO) (OSLO BORS: BHOC): Completion of $25 million First Tranche of a $60 million Bond Issue.OSLO, Norway -- B+H Ocean Carriers B+H Ocean Carriers (OSE: BHOC, AMEX: BHO) is an international shipping company that operates seven bulk ships, seven product tankers and two chemical tankers. Based in Hamilton, Bermuda it also has offices in Oslo, Singapore, Bristol and New York. Ltd. announced today receipt of subscriptions for the first tranche, in aggregate principal amount of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 25 million, of a new senior unsecured bond Noun 1. unsecured bond - the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future debenture, debenture bond loan ("the Bond Loan") in a private placement primarily to institutional and professional investors in Norway and other selected countries in Europe ("the Bond Issue"). The Company has subscribed for USD 5 million of the first tranche of the Bond Issue for its own account. As previously announced, the Bond Issue will have a loan limit of USD 60 million, including the first tranche of USD 25 million. The offering was managed by Pareto Securities ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and and Nordea Bank Norge ASA . The Company anticipates using the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from this offering, together with proceeds of possible additional indebtedness, for the acquisition of additional product tankers, for conversion of single-hulled tankers to double-hulled tankers and for the future development of the Company's shipping business. A portion of the proceeds may be used for the repurchase of common shares on the open market from time to time, depending on market conditions. The expected settlement date for the first tranche of the Bond Loan is set to 12 December 2006 giving a maturity on 12 December 2013; however, the Bond Issue is still subject to finalization of loan documentation, board approval by the Company and successfully completed settlement of the transaction. The Bond Issue will carry a coupon of 3 month libor+4.0% p.a. The Bonds held by the Company shall not be sold during the first 12 months after the settlement date for the first tranche. The Bond Issue has not been and will not be, registered under the U.S. Securities Act of 1933 and may not be and is not intended to be offered or sold, directly or indirectly, in or into the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The first tranche of the Bond Issue was offered (and the remaining tranches of the Bond Issue will only be offered) in a private placement to selected investors by the Managers outside the United States in an offshore transaction. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain statements contained in this press release, including, without limitation, statements containing the words "believes," "anticipates," "expects," "intends," and words of similar import, constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " as defined in the US Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 or by the US Securities and Exchange Commission in its rules, regulations and releases, regarding the Company's financial and business prospects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, those set forth in the Company's Annual Report and filings with the Securities and Exchange Committee. Given these uncertainties, undue reliance should not be placed on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained or incorporation by reference The method of making one document of any kind become a part of another separate document by alluding to the former in the latter and declaring that the former shall be taken and considered as a part of the latter the same as if it were completely set out therein. herein to reflect future events or developments. For further information, including the Company's Annual Report on Form 20F and previous announcements, access the Company's website: www.bhocean.com |
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