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J. Lauritzen wants to repurchase bonds

J. Lauritzen wants to use the proceeds from the sale of ten tankers to Hafnia Tankers to repurchase bonds, thus reducing the company's debt, says the carrier in a brief to the stock exchange.

Hafnia Tankers' acquisition of ten product tankers from J. Lauritzen now enables the carrier to make an offer to repurchase bonds from Lauritzen's bondholders, according to a brief to the stock exchange.

On October 22nd Lauritzen announced the sale of ten product tankers to Hafnia Tankers with an expected delivery set for late February 2014. According to J. Lauritzen this sale will strengthen the carrier's liquidity, and the company is now considering to use some of these funds to reduce its debt, for instance by repaying loans or repurchasing outstanding bonds.

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