FAIRSTAR HVY TRNSP : HEAVY TRANSPORT announces NOK 300 million unsecured Bond issue

Fairstar Heavy Transport NV (FAIR) has appointed ABG Sundal Collier ASA, Carnegie ASA, and DnB NOR Markets as joint-lead book runners to arrange an unsecured NOK Bond. The proceeds of the Bond will be used to finance the 50,000DWT semi-submersible vessel FINESSE.
Fairstar has entered into two contracts with Guangzhou Shipbuilding International (GSI) to construct two of these vessels at a purchase price of USD 101,888,000 per vessel. The FINESSE will be delivered to Fairstar in September of 2012. Fairstar also intends to use USD 13 million of the Bond proceeds to pre-pay a short-term facility with ABN AMRO Bank. The remaining proceeds will be for general corporate purposes. The particular details of the Bond will be released by the joint-lead book runners when the Bond is launched in the market this week.
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Source: 4-traders