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Conyers provided Bermuda law advice in connection with the offering by Ship Finance International Limited (the “Company”) (NYSE: SFL) of US$150 million aggregate principal amount of its Convertible Senior Notes due 2023 (the “Notes”), announced on 19 April 2018.
In connection with the Company’s offering of the Notes, a subsidiary of the Company entered into separate share lending agreements with each of Morgan Stanley & Co. LLC, Jefferies LLC and Citigroup Global Markets Inc. (or their respective affiliates) (the “Share Borrowers”), under which it will lend to the Share Borrowers a total of up to 7,000,000 of the Company’s common shares. The borrowed shares are newly-issued shares issued in connection with this transaction and will be cancelled or held as treasury shares upon the expiration or early termination of the share lending arrangements.
Morgan Stanley & Co. LLC, Jefferies LLC and Citigroup Global Markets Inc. acted as joint book-running managers for the offering of the Notes. DNB Markets, Inc., Seaport Global Securities LLC, BTIG, LLC, ABN AMRO Securities (USA) LLC and ING Financial Markets LLC acted as co-managers.
Directors Christian Luthi and Jason Piney of Conyers’ Bermuda office advised on this matter, working alongside Skadden, Arps, Slate, Meagher & Flom LLP.