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     528  0 Kommentare SFL - Ship Finance International Limited Announces Proposed Offering of Convertible Senior Notes

    Ship Finance International Limited ("Ship Finance" or the "Company") (NYSE: SFL) today announced that, subject to market and other conditions, it intends to offer $150 million aggregate principal amount of Convertible Senior Notes due 2023 (the "Notes") in an underwritten public offering. The Notes will pay interest quarterly in arrears and will be convertible into, at the Company's election, cash, common shares, or a combination of cash and common shares, as further described in the offering prospectus. The Company intends to grant the underwriters an option to purchase up to an additional $22.5 million aggregate principal amount of the Notes to cover over-allotments.

    The Company intends to use the net proceeds received from the offering of the Notes for general corporate purposes, including working capital. The Company continuously evaluates potential transactions that it believes will be accretive to earnings, enhance shareholder value or are in the best interests of the Company. Any funds received may be used by the Company for any corporate purpose, which may include pursuit of other business combinations, the acquisition of vessels or related businesses, the expansion of its operations, repayment of existing debt, share repurchases, short term investments or other uses.

    In connection with the Company's offering of the Notes, a subsidiary of the Company will enter into separate share lending agreements with each of Morgan Stanley & Co. LLC, Jefferies LLC and Citigroup Global Markets Inc. (or their respective affiliates) (the "Share Borrowers"), under which it will lend to the Share Borrowers a total of up to 7,000,000 of the Company's common shares. The borrowed shares are newly-issued shares issued in connection with this transaction and will be cancelled or held as treasury shares upon the expiration or early termination of the share lending arrangements.

    Purchasers of the Notes may separately sell up to 7,000,000 of the Company's common shares that they may borrow through the Share Borrowers. The Company expects that the selling shareholders will use the short position created by such sale to establish their initial hedge with respect to their investments in the Notes. Neither the Company, nor its subsidiaries, nor its shareholders will receive any proceeds from the sale of the borrowed shares.

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    SFL - Ship Finance International Limited Announces Proposed Offering of Convertible Senior Notes Ship Finance International Limited ("Ship Finance" or the "Company") (NYSE: SFL) today announced that, subject to market and other conditions, it intends to offer $150 million aggregate principal amount of Convertible Senior Notes due 2023 (the …

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