Last week, Wallenius Wilhelmsen ASA ("WalWil") successfully completed a new NOK 2,000 million senior unsecured bond issue with the margin set at three-month NIBOR plus 5.75 %, the tight end of initial price talk of +575-600 bps, with a maturity date of September 9, 2024.

Years ago, when discussing Seaspan's successes with raising capital with its former CFO, Sai Chu, we recall he always emphasized preparation. Noting that financial market windows open and shut with little notice, his finance team was always prepared and ready to go on a moment's notice.

While we cannot say that the quarterly reporting season brings joy to the analysts, it does give them the grist needed their research. We are thankful to leave the numbers to them and take advantage of the many other company disclosures, which include recent financing activities. Below we highlight a number of these transactions.

A slowdown in activity has offered us an opportunity to catch-up with a recent Norwegian bond offering, outside of our traditional purview, which is of interest due to its secured structure, currency, and the environmentally friendly collateral, hybrid-electric powered expedition cruise vessels.

The Norwegian bond market came out of hibernation overnight in what turned out to be a feeding frenzy. Teekay LNG, Altera Shuttle Tankers, Navigator Gas, and Wallenius Wilhelmsen all announced transactions. Teekay was the first one out of the gate successfully closing a NOK 1 billion issue and was closely followed by Altera which successfully completed a $75 million tap issue in its senior unsecured green bonds.

Last week, Golar LNG Partners LP rescheduled its bondholders' meeting until May 5th in order for the owners of the Partnerships' Senior Unsecured Bond Issues maturing May 2020 (GOLP02) and May 2021 (GOLP03) (the "Bond Issues") to consider a revised proposal for certain amendments to the terms of the Bond issues as originally proposed.

As one year begins to transition into the next, there is traditionally a flurry of activity in the financial world as borrowers and bankers seek to close transactions so they can enjoy holiday season. Moreover, as the year turns over, the world returns to work deliberately. Old deals are finished, while new deals need to be sourced. The start of the new year also involves establishing plans and strategy. In short, there is a rush to the end and a slow beginning.

While the equity markets remain quiescent, the Norwegian bond market began the year on fire.

Last week, GasLog Ltd. and GasLog Partners LP announced the signing of three new loan agreements, The GasLog Ltd. $577M Facility, the GasLog Partners LP $260M Facility and the GasLog Partners LP $200M Facility, which substantially refinanced all of the Group's debt maturities due in 2021, strengthened the balance sheet and created additional liquidity for the group.

Hunter Tankers AS, a wholly-owned subsidiary of Hunter Group ASA, announced last week that it has signed a binding agreement for aloan facility from a syndicate of banks consisting of Danske Bank, DNB, Nordea, and SEB

Despite the toll of COVID-19 on people and the economy, corporate bodies must continue dealing with their daily mundane activities, the problems created by the virus and most importantly putting in place plans to ensure their survival.

In a single swoop, International Seaways refinanced its debt allowing great capital allocation flexibility and reduced interest expense. The new financing consists of a 5-year $300 million term loan, a 5-year $40 million RCF and a 2.5-year $50 million term loan.