Golden Ocean Group $366.2 million acquisition of 14 vessels from Quintana

Overview:

• The Golden Ocean Group has acquired a fleet of 14 vessels from the Quintana Shipping Group for approximately $366.2 million.
• Included in the fleet are six Capesize vessels and eight Kamsarmax/Panamax vessels, mainly built in Japan and Korea.
• The acquisition is structured as an all-share deal whereby Golden Ocean assumes $262.7 million of Quintana's debt and issues 14.5 million shares of the company in return. Priced at NKr61.5 on the transaction date - equal to $7.14 on that same date - the total value of the shares issued is approximately $103.53 million.
• The vessels will be owned by a non-recourse subsidiary to Golden Ocean.
• DNB Markets acted as financial adviser to the acquirer.

Jon Moore - Journalist