B+H Ocean Carriers Ltd. Contemplated Private Placement of a Bond Loan.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. (AMEX AMEX See: American Stock Exchange :BHO BHO Browser Helper Object BHO Bundeshaushaltsordnung BHO Barack Hussein Obama BHO Bhopal, India (airport code) BHO British History Online BHO Banjo Hangout (website) BHO Battle Handover ) (OSE OSE - Open Systems Environment :BHOC) has mandated 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 (as Lead-Manager and Bookrunner) and Nordea Bank Norge ASA (co-manager) in connection with a contemplated private placement of a new senior unsecured bond loan ("the Bond Loan") to be directed to institutional and professional investors in Norway and other selected countries in Europe ("the Bond Issue"). The Bond Issue will have a loan limit 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. 60 million, including a first tranche expected to amount to approximately USD 25-30 million. 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 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. 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. The expected settlement date for the Bond Loan is set to 12 December 2006 giving a maturity on 12 December 2013; however, the Company has received no commitments to purchase the Bond Loan and there is no assurance the Bond Issue will be completed. The Bond Loan will carry a coupon of 3 month libor+4.0% p.a. Safe Harbor 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" 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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