JOC Staff | Oct 19, 2012 1:25PM EDT
A.P Moller-Maersk has turned to the Swedish bond market in an effort to raise fresh capital.
The parent of Maersk Line said it has placed bonds for 2.5 billion Swedish kroners ($380 million) with a maturity of February 2018.
The bonds will be split into two tranches, one with a fixed coupon rate of 3.75 percent, and the other with a floating interest rate that follows the three-month Stockholm Interbank Offered Rate plus 2.1 percent.
The bonds, which were placed by Handelsbanken, Nordea and SEB, will be listed on the Luxembourg Stock Exchange and documented under the company's $3.9 billion EMTN (euro medium-term note) program.
The company said that proceeds from the issue will go towards general corporate purposes.
A.P. Moller-Maersk started issuing bonds to raise new capital at the bottom of the Great Recession in 2008-2009 when the global credit crunch all but shut the door on new bank loans.
