One of the last steps needed to be taken to finalize the take private transaction of Atlas Corp by Poseidon Acquisition Corp. is to obtain the consent of the bondholders of the 6.5% Seaspan Corporation Sustainability-Linked Senior Unsecured Bonds due in 2026 to amend the bond terms to remove the de-listing covenant which would trigger a put option at 101 percent.

Last week, d’Amico International Shipping S.A. announced that it exercised its purchase option under the existing bareboat charter with a Japanese counterparty for the MT High Voyager for consideration of $20.8 million. The High Voyager is a 45,999-dwt eco-design medium-range product tanker, built in November 2014 at Hyundai Mipo, South Korea.

Not to be left out, Frontline Ltd. was actively refinancing near-term debt maturities. In July and October 2022, the company entered into two senior secured term loan facilities for a total amount of up to $287.2 million to refinance two existing term loan facilities with total balloon payments of $267.1 million maturing in the first quarter of 2023.

For every change, there are consequences and often complications. For Seaspan Corporation, it was the announcement by its parent, Atlas Corporation, of its intention to take the company private. Back in April 2021, Seaspan issued $300 million of 6.5% Senior Unsecured Sustainability Linked Bonds due in 2026.

Last week, Golar LNG Limited (“Golar”) announced an offer to buy-back a portion of its $300 million 7% senior unsecured bonds maturing in October 2025.

Last week, Navigator Holdings Ltd. (“Navigator”) announced that its subsidiaries, Navigator Centauri L.L.C., Navigator Ceres L.L.C., Navigator Ceto L.L.C., Navigator Copernico L.L.C. and Navigator Umbrio L.L.C. (the “Borrowers”) entered into a six-year secured term loan and revolving credit facility, with Crédit Agricole CIB and Deutsche Bank.

With an equity ratio of 31% and $122 million in cash, Ocean Yield ended the quarter with a strong balance sheet. The work, however, never ceases as the company announced, after the quarter end, the refinancing of several loan facilities, which were structured to maximize flexibility, resulting in additional available liquidity of $90 million.

With a fleet of 128 vessels, Star Bulk Carriers Corp. must, out of necessity, regularly optimize its capital structure. Since the beginning of the year, the company has completed $402.6 million of refinancings, reducing its annual interest cost by $4.9 million, from more competitive margins, and its annual debt payments by $12 million, while extending the average maturity of its outstanding facilities from 3.6 to 4.5 years.

In August 2022, Avance Gas Holding Ltd. finalized the financing of its newbuilding program. As the final piece, the company signed a $135 million sale-leaseback agreement with BoComm Leasing for the financing of newbuildings five and six, the Avance Castor and Avance Pollux, which are scheduled for delivery in Q4 2023 and Q1 2024, respectively.

We are extremely fortunate to have a good friend in Oslo who works in DCM for a Norwegian bank and is therefore well placed to provide insights into the Norwegian capital markets, and more specifically the Norwegian bond market.

Last week, Danaos Corporation announced that it expects to repurchase $37.234 million of its $300 million 8.500% unsecured senior notes due 2028 (“Senior Notes”) in a privately negotiated transaction.

When you pull together one of the largest mixed fleets in the industry (185 vessels), there is much work to be done and for Navios Maritime Partners this quarter was no exception. The company continued the process of renewing its fleet by acquiring two 115,000 DWT Aframax/LR2 newbuildings for $125.2 million and one newbuilding Capesize bulk carrier and one Kamsarmax for an en bloc price of $91.3 million.