Sunday, January 10, 2010: 07:51:01 PM

Foreign Updates

Maersk raises $704 million debt

DANISH shipping giant AP Moller-Maersk has again gone to the debt market to raise $704 million in two bond issues.

According to reports, the issue was placed by Danske Bank, Nordea and Skandinaviska Enskilda Banken and will be listed on the Luxembourg Stock Exchange.

The parent company of Maersk Line raised $1.6 billion in September from a share sale to institutional investors in the US, UK and Scandinavia, after which there was the $1.15 billion issue in October.

The money from the latest bond issue will go to general corporate purposes and repayment of long-term debt to banks, whose facilities will remain open as liquidity buffers, the company said.

The tone and tenor of this issue is markedly different from that of the October application, when AP Moller-Maersk's spoke of using the money to build a war chest to fund acquisitions.

Maersk chief executive Nils Andersen now says the company will shift away from spending on containerships to oil and gas, container terminals and retailing.

Rate me....
Mail this article Mail this article Print this article Print this article

Contribute/ Share your Opinion

More

Page 1 of 10




Search

Keywords:
Sections:

Magazine Issues

Events

logo
About Us | Contact us | Advertise with us | Terms of use | Privacy Policy
Other Times Group Sites: