(Obi.no): - Arne Blystads reputation in the market is the reason that he was one of the very few who managed to retrieve the money at the end of the fourth quarter of last year, " says investment director Morten E. Astrup in London-based Storm Capital Management to the Obi.no.
Børsuro and a sharp fall in oil prices led to kredittpåslagene increased and that the market for nyutstedelser of high yield bonds, in practice, closed in mid-november.
Still managed agents on obligasjonsdesken to ABG Sundal Collier a few weeks later to bring in 130 million dollars, approximately nok 1.1 billion, to Blystads fresh containerrederi, Songa Container.
It occurred through the issuance of a senior secured bond loan with three years maturity.
the Loan was placed at an interest rate of three month LIBOR plus 6 percentage points.
the Obi.now know that there was great interest among both Norwegian and foreign investors for the loan where the net proceeds will be used for the financing of "scrubbere" and the repayment of outstanding debt.
– Good risk/reward
Since its founding in 2017, it has built up a fleet of 15 so-called feeder container vessels with capacity for between 1.000 and 5.000 containers.
Containerrederiet is the fund's fifth largest position, according to a recent overview.
the Market for feeder container vessels has been poor for a long time and the order book has been thinned out. 55 per cent lånegrad and positive cash flow with rates that are approximately 50 percent below the historical average provides in our opinion a good risk/reward in the company, " says Astrup.
He says that the high kupongrenten and a strong hand played in.
Blystad, together with the investor, Magnus Roth, the company's largest shareholder.
the Duo that holds 37,6 per cent each of Songa offshore Container, were also the largest owners in the tørrlastrederiet Songa Bulk that sold all their ships to the Star Bulk right before summer last year.
We focus on companies where there is strong owners, operationally, and financially. Then we have a good opportunity to solve problems that occur along the way, but also significantly larger chances to get back the money, " says Astrup.
- Arne Blystad has proven to be exceptional to take the opportunities when they are there, but more importantly – he sells when the time is right. As a shareholder or bond holder, one can be sure that the main shareholder does not develop any love relationship to the investments, continues the manager.
In Songa Bulk gave the strategy a significant excess return to bondholders when the company was sold in the last year, " he says.
another well-known Norwegian manager who has purchased a mail in Songa offshore Container-the loan is Erlend Lødemel in Fondsfinans. He went though after the offering at a slightly lower course.
- Secured bonds with a high coupon in containershipping appear as relatively attractive investments, we think, " says Lødemel.
he Also refers to the fact that it was a pleasant journey for the bondholders in Songa Bulk.Multiple currency
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