Shipping trust FSL Trust Management had decided ?not to proceed at this time? with the USD200m senior notes issue it announced just over two weeks ago.
Shipping trust FSL Trust Management had decided ?not to proceed at this time? with the USD200m senior notes issue it announced just over two weeks ago, blaming a downturn in market sentiment caused by recent developments in Dubai.
?The start of the investor roadshow coincided with the outbreak of the Dubai World credit crisis," FSL Trust Management chief executive Philip Clausius said. "This impacted fixed-income investor sentiment, particularly in Asia and Europe.?
This would have been the second fund-raising exercise by FSL (First Ship Lease) Trust in recent months. In September, it said it raised US$41 million via a private placement. Some 80 million new units were allotted and issued at the price of 52 and a half US cents per new unit.
The Singapore-listed shipping trust currently has a fleet of 23 vessels on long-term sale-and-leaseback deals. Earlier this year Clausius went on the record as saying: "The fundamentals of FSL Trust remain strong and despite the difficult conditions in the shipping sector, our marketing team continues to be active, keeping a lookout for quality assets with attractive entry points."