Tallink, the Estonian ferry company that said today it had placed NOK900 million worth of five year notes on the Oslo market, has paid a significantly higher premium for funds that DFDS, the Copenhagen based ferry company that has also issued five year paper in Oslo.

Tallink said its senior unsecured notes that will mature on 18 October 2018 carry a floating rate coupon of three month NIBOR (Norwegian Inter-Bank Offered Rate) plus 5.00%.

Earlier this year, DFDS, which is listed on Nasdaq OMX Nordic in Copenhagen, issued NOK 700 million worth of five year notes that also carry a floating rate coupon, but of three month NIBOR plus 2.90%. Trading in the notes of the Danish company started on the Oslo stock exchange today.

Tallink, whose shares are listed on Nasdaq OMX Nordic in Tallinn, said it also plans to seek listing of its notes in Oslo. The company has a fleet of 19 cruise ferries. DFDS, meanwhile, only has four cruise ferries but it also operates a total of 16 ropax and day ferries and has a fleet of some 60 ships that mainly consists of freight roro ships