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Home » Going Bankrupt? US$704 Million Bank Loan Hunts Maersk Group

Going Bankrupt? US$704 Million Bank Loan Hunts Maersk Group

by Joshua
December 21, 2009
in Uncategorized

AP Moller-Maersk has again gone  to the markets to raise money to repay money owing to banks.
The Danish shipping giant raised USD704 million in two bond issues, it has been revealed. The issue will be listed on the Luxembourg Stock Exchange and was placed by Danske Bank, Nordea and Skandinaviska Enskilda Banken.
The money will be used to repay long-term debt to banks and for general corporate purposes, with the banking facilities thus remaining open as liquidity buffers, said AP Moller-Maersk.
In September the Danish company raised USD1.6 billion from a share sale to institutional investors in the UK, Scandinavia and the US and this was followed by a USD1.15-bn issue the following month. At that time AP Moller-Maersk spoke of using the money raised to fund acquisitions.
Chief executive Nils Andersen recently stated that AP Moller-Maersk would move away from buying containerships into oil and gas, container terminals and retailing.
Maersk, which operates the world’s biggest fleet of container ships, is bracing for its first annual loss in a corporate history spanning 105 years. This has been brought about by losses at both the container shipping division and the tanker business.
The group’s new investment strategy was revealed by chief executive Nils Andersen. The non-core businesses that will receive preferential treatment are oil and gas, container terminals and, quite surprisingly, retailing.

 


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