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Ship Finance International Limited Message Board

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  • purdu11 purdu11 Feb 9, 2009 8:57 AM Flag

    What's with SFL today

    SFIn the first quarter of 2004, Ship Finance used the proceeds of the $580 million of 8.5% Senior Unsecured Notes due 2013, together with a refinancing of existing debt, to fund the acquisition from Frontline of a fleet of 47 crude oil tankers (including one purchase option for a VLCC) and each of the ships were chartered back for most of their remaining lives. In connection with this transaction, 6 Joint Ventures between Frontline, OSG and Euronav were dissolved. The result of this was that Frontline were left with two wholly owned VLLCs. Frontline also entered into fixed rate management and administrative services agreements with Ship Finance to provide for the operation and maintenance of these vessels and administrative support services. The charters and the management agreements were each given economic effect as of January 1, 2004. Ship Finance's shares were listed on the New York Stock Exchange on June 17, 2004 under ticker symbol "SFL". 25% of the shares in Ship Finance were given in dividend to the Frontline shareholders in June, and another 10% in September.
    L serves as a finance company for Fronline

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