- 04 Oct
Ridgebury To Redeem Bond
Westport, October 4 – Ridgebury Crude Tankers announced today its intention to redeem the full remaining outstanding amount of the Senior Secured Bond listed on Nordic ABM. Issued in March 2014 with an initial principal amount of $210 million, the bond proceeds were key to financing the acquisition of a seven vessel Suezmax fleet. Since issuance, Ridgebury has used cash flow from vessel operations to acquire three additional ships and to prepay $30 million in bond principal.
The remaining $180 million outstanding principal will be redeemed at a price of 101.333% plus accrued interest, as provided for in the bond agreement, with settlement expected on or about November 17, 2016.
Speaking for the company, Ridgebury CEO Robert Burke said, “We are grateful to the many investors in this bond who were willing to believe in Ridgebury and support us during a critical phase of our growth. As our first foray into the capital markets, this bond issue was a transformative event for us. The solid structure allowed it always to trade at or above the issue price, even during times of market turmoil, and we are pleased now to close out a very good investment for our bondholders. ”