Ship Finance Int'l (SFL) Commences Senior Notes Tender Offer
SFL Hot Sheet
Overall Analyst Rating:NEUTRAL (= Flat)
Dividend Yield: 10.4%
Revenue Growth %: +16.8%
Ship Finance International Limited (NYSE: SFL) announced that they have commenced a cash tender offer to repurchase all of its outstanding 8.5% Senior Notes due 2013 on the terms and conditions set forth in the Offer to Purchase and Consent Solicitation dated November 15, 2010, and related Letter of Transmittal, which set forth a more detailed description of the Tender Offer.
The total consideration for the Tender Offer will be up to $1,016.67 per $1,000 principal amount of the 2013 Notes, which amount includes a consent payment of $16.67 that will only be paid to holders that validly tender and do not validly withdraw their tenders prior to 5:00 p.m., New York City time, on November 29, 2010. The Tender Offer is scheduled to expire at 11:59 p.m. New York City time, on December 14, 2010.
The Tender Offer is subject to the satisfaction of certain conditions, including, among other things, Ship Finance's issuing, in its recently announced public offering, senior unsecured notes having a principal amount of at least $400 million and Ship Finance's receipt of valid tenders and consents from holders not affiliated with the Company of a majority in aggregate principal amount of the 2013 Notes.
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The total consideration for the Tender Offer will be up to $1,016.67 per $1,000 principal amount of the 2013 Notes, which amount includes a consent payment of $16.67 that will only be paid to holders that validly tender and do not validly withdraw their tenders prior to 5:00 p.m., New York City time, on November 29, 2010. The Tender Offer is scheduled to expire at 11:59 p.m. New York City time, on December 14, 2010.
The Tender Offer is subject to the satisfaction of certain conditions, including, among other things, Ship Finance's issuing, in its recently announced public offering, senior unsecured notes having a principal amount of at least $400 million and Ship Finance's receipt of valid tenders and consents from holders not affiliated with the Company of a majority in aggregate principal amount of the 2013 Notes.
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