Oslo: Team Tankers International, formerly Eitzen Chemical, will be listed on Oslo Børs before April 10 after its application, filed late January, was approved.
Team Tankers International was granted permission to list despite not having been in existence for at least three years because the business has been in existence under a different entity. A stipulation for approval was that “the company must carry out the proposed share exchange offer in connection with redomiciling the company to Bermuda, and therefore continue the business operated by the Eitzen Chemical ASA group.”
Team Tankers International was formed by Eitzen Chemical to move its operations to Bermuda under new owners as part of a restructuring where $850m of debt was converted, and $43m repaid, with the proceeds of a $100m revolving credit and term loan facility. The holders of the converted debt now own 98 per cent of the outstanding shares, with an ipo planned as part of the listing conditions.
The company has a fleet of 32 owned chemical tankers with a further 15 in on charter.