SFL Corporation Ltd. issued $150 million sustainability-linked bonds at 7.75% due January 2020 for general corporate purposes.
Quiver AI Summary
SFL Corporation Ltd. has successfully issued USD 150 million in senior unsecured sustainability-linked bonds, maturing on January 29, 2030, with a quarterly coupon of 7.75% per annum. The bonds were sold at a price of 99.50% and the proceeds will be used for general corporate purposes. The bond placement was managed by Arctic Securities, Fearnley Securities, Pareto Securities, and SEB, with ABN Amro and SMBC serving as Co-Managers. SFL has a longstanding presence in the maritime industry, having consistently paid dividends since its 2004 NYSE listing, and operates a diverse fleet of vessels. The press release includes cautionary statements about forward-looking information related to various operational and market risks that could affect the company's future performance.
Potential Positives
- SFL Corporation Ltd. successfully placed USD 150 million in senior unsecured sustainability-linked bonds, which indicates strong investor interest and confidence in the company.
- The bonds feature a quarterly coupon of 7.75% per annum, reflecting an attractive yield that may appeal to income-focused investors.
- The issuance of these bonds demonstrates SFL's commitment to sustainability, potentially enhancing its reputation in the environmentally conscious investment community.
- Proceeds from the bond issuance are intended for general corporate purposes, allowing SFL flexibility in funding its operations and future growth initiatives.
Potential Negatives
- The issuance of senior unsecured sustainability-linked bonds at a high coupon rate of 7.75% may indicate that investors perceive higher risk associated with the company, which could affect future financing conditions.
- Proceeds from the bond issuance are intended for general corporate purposes, which may lack specificity and clarity on how these funds will be strategically used to enhance company growth or stability.
FAQ
What are the details of SFL's recent bond issuance?
SFL Corporation Ltd. placed USD 150 million in senior unsecured sustainability-linked bonds, maturing on January 29, 2030, with a 7.75% coupon rate.
Who were the bookrunners for the bond offering?
Arctic Securities, Fearnley Securities, Pareto Securities, and SEB acted as Joint Bookrunners for SFL's bond offering.
What will the proceeds from the bond issuance be used for?
The net proceeds will be used for general corporate purposes by SFL Corporation Ltd.
How long has SFL Corporation been paying dividends?
SFL has consistently paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004.
What types of vessels are included in SFL's fleet?
SFL's fleet includes tanker vessels, bulkers, container vessels, car carriers, and offshore drilling rigs.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SFL Hedge Fund Activity
We have seen 127 institutional investors add shares of $SFL stock to their portfolio, and 69 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- MARSHALL WACE, LLP added 1,887,246 shares (+13269.9%) to their portfolio in Q3 2024
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP removed 1,313,909 shares (-81.0%) from their portfolio in Q3 2024
- RUSSELL INVESTMENTS GROUP, LTD. removed 943,098 shares (-99.9%) from their portfolio in Q3 2024
- INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC removed 737,136 shares (-90.8%) from their portfolio in Q4 2024
- VOLORIDGE INVESTMENT MANAGEMENT, LLC added 675,293 shares (+691.3%) to their portfolio in Q3 2024
- AMERICAN CENTURY COMPANIES INC added 575,553 shares (+20.5%) to their portfolio in Q3 2024
- BLACKROCK, INC. added 459,037 shares (+7.6%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SFL Corporation Ltd. (NYSE: SFL) (the "Company" or "SFL") today successfully placed USD 150 million senior unsecured sustainability-linked bonds due January 29, 2030. The bonds will pay a quarterly coupon of 7.75 % per annum and be issued at a price of 99.50%.
Net proceeds from the bond issuance will intendedly be used for general corporate purposes.
Arctic Securities, Fearnley Securities, Pareto Securities and SEB acted as Joint Bookrunners in the placement of the bond offering. ABN Amro and SMBC acted as Co-Managers.
January 15, 2025
The Board of Directors
SFL Corporation Ltd.
Hamilton, Bermuda
Investor and Analyst Contacts:
Espen Nilsen Gjøsund, Vice President - Investor Relations, SFL Management AS
+47 47 50 05 00
Aksel Olesen, Chief Financial Officer, SFL Management AS
+47 23 11 40 36
Media Contact:
Ole B. Hjertaker, Chief Executive Officer, SFL Management AS +47 23 11 40 11
About SFL
SFL has a unique track record in the maritime industry and has paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The Company's fleet of vessels is comprised of tanker vessels, bulkers, container vessels, car carriers and offshore drilling rigs. SFL's long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time. More information can be found on the Company's website:
www.sflcorp.com
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although SFL believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions in the seaborne transportation industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, including shifts in consumer demand from oil towards other energy sources or changes to trade patterns for refined oil products, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods, technological innovation in the sectors in which we operate and quality and efficiency requirements from customers, increased inspection procedures and more restrictive import and export controls, changes in the Company's operating expenses, including bunker prices, dry-docking and insurance costs, performance of the Company's charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, and timely delivery of vessels under construction within the contracted price, governmental laws and regulations, including environmental regulations, that add to our costs or the costs of our customers, potential liability from pending or future litigation, potential disruption of shipping routes due to accidents, political instability, terrorist attacks, piracy or international hostilities, the length and severity of the ongoing coronavirus outbreak and governmental responses thereto and the impact on the demand for commercial seaborne transportation and the condition of the financial markets, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission. SFL disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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