Tallink Grupp, the Estonian cruise ferry company, has completed a private placement of a NOK 900 million (€118 million) of senior unsecured notes. The maturity date of the notes is 18 October 2018 and they they carry a floating rate coupon of three month NIBOR (Norwegian Inter-Bank Offered Rate) +5%
Settlement date of the offering is estimated to be on 18th of June 2013. The proceeds of the issue will be used for the refinancing and strengthening of AS Tallink Grupp financial position.The accompanying currency risk will be hedged with a cross currency swap, the company said in a statement.
The company will seek listing of the notes on the Oslo Stock Exchange. Oslo is a major market for debt and equity issues by shipping and offshore companies, with both domestic and international investors on the market. DFDS, the Copenhagen based ferry company, has issued dent on the Oslo market in the recent past.
