Article: Belgian Euronav to issue up to USD 200m convertible bonds.

Article from:
ADP Debt News
Article date:
September 4, 2009
Copyright

(ADPnews) - Sep 4, 2009 - Belgian crude oil transport company Euronav NV (EBR:EURN) said Friday it will issue convertible bonds for up to USD 200 million (EUR 140.2m), maturing in 2015.

The bonds will be issued at 100% of their principal amount and will be placed with institutional investors outside the USA.

The expected annual coupon will be between 6% and 6.5%.

A full conversion would comprise up to 6.9 million new shares, on a total of 51.75 million outstanding shares.

The company will use the proceeds from the placement to diversify its financing sources and improve its liquidity.

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