STX's Norway unit to issue US$86 mln in bonds

Technorati Tags: Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange,Freight Review,Maritime Baltic Index,TNT Freight Review,STX Pan Ocean,STX Shipbuilding Co.

Tuesday, 20 January 2009

STX Group, a mid-sized conglomerate in South Korea, said Monday its Norwegian subsidiary will sell US$86 million worth of bonds to help bolster the group's financial health, according to Yonhap News. STX Norway AS will issue the floating-rate bonds and sell them wholly to Standard Chartered Bank in Singapore, the group said, without disclosing the debt's maturity.
The money will be used to raise STX Norway's 98.3-percent stake in STX Europe ASA to 100 percent and pay back maturing debts of STX Shipbuilding Co., the group said.
The Korea Herald