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Maersk says NOK bond was oversubscribed
March 16, 2012 / 10:06 AM / 6 years ago

Maersk says NOK bond was oversubscribed

COPENHAGEN, March 16 (Reuters) - Danish shipping and oil group A.P. Moller-Maersk said on Friday its 3 billion Norwegian crowns ($518.00 million) placement of five-year bonds had enjoyed substantially more demand than the company could meet.

The company had announced the placement after the stock market closed on Thursday.

“We received commitments for a significantly bigger amount than we issued, so there was very strong interest among investors,” Maersk’s head of finance Jan Kjaervik told Reuters, referring to the new issue.

Kjaervik declined to say precisely how high the demand for the bond was.

A.P. Moller-Maersk, which owns the world’s biggest container shipping company Maersk Line, debuted in the corporate bond market in 2009 with a 750 million euros ($980.29 million) issue, followed by a 4 billion Norwegian crowns two-tranche issue that same year and a 500 million euros sale in late 2010.

Those bonds and the new Norwegian crown issue are part of the Maersk group’s 3 billion euros medium-term programme. ($1 = 5.7915 Norwegian krones) ($1 = 0.7651 euros) (Reporting by Ole Mikkelsen)

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