TORM plc Announces Pricing of USD 200m Senior Unsecured Bonds
TORM plc has today successfully priced USD 200m of senior unsecured bonds due 25 January 2029 (the “Bonds”). The Bonds will carry a fixed coupon of
8.25%, payable semi-annually. With reference to company announcement no. 22 from 09 November 2023 regarding acquisition of the eight LR2 product tanker vessels (the “Acquisition”), the net proceeds from the bond issue will be used to part finance
five of the eight vessels, including full repayment of a bridge facility potentially partly drawn in connection with the Acquisition, and for general corporate purposes. An application will be made for the Bonds to be listed on the Oslo Stock
Exchange.
The transaction
attracted strong global investor interest and was significantly oversubscribed.
Danske Bank, DNB Markets, Nordea and SEB acted as joint bookrunners for the bond issue.
Contact
Kim Balle, CFO
tel.: +45 3917 9200, e-mail: mail@torm.com
Andreas Abildgaard-Hein, Vice President
tel.: +45 3917 9339, e-mail: ir@torm.com
Joakim Nørholm Vasehus, Head of Communications
tel.: +45 3917 9260, e-mail: communications@torm.com
About TORM
TORM is one of the world’s leading carriers of refined oil products. TORM operates a fleet of approximately 90 product tanker vessels with a strong
commitment to safety, environmental responsibility and customer service. TORM was founded in 1889 and conducts business worldwide. TORM’s shares are listed on Nasdaq in Copenhagen and on Nasdaq in New York (ticker: TRMD A and TRMD, ISIN:
GB00BZ3CNK81). For further information, please visit www.torm.com.
Safe harbor statement as to the future
This announcement may contain forward-looking statements, including “forward-looking statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995. Words such as “will”, “aim”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, “projects”, “forecasts”, “may”, “should”, or the negative of these terms and other similar expressions of
future performance or results, and their negatives, are intended to identify such forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors
affecting the Company. They are not historical facts, nor are they guarantees of future performance.
Where the Company expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed
to have a reasonable basis. However, because these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those
expressed, projected or implied by these forward-looking statements. In light of these risks and uncertainties, undue reliance should not be placed on forward-looking statements contained in this release because they are statements about events that
are not certain to occur as described or at all.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include,
but are not limited to, the strength of the world economy and currencies including central bank policies intention to combat overall inflation and rising interest rates, the general domestic and international political conditions or events, including
“trade wars” and the conflict between Russia and Ukraine, the developments in the Middle East, including the armed conflict in Israel and the Gaza Strip and the conflict regarding the Houthis’ attack in the Red Sea; the highly cyclical natures of our
business causing fluctuations in charter hire rates and vessel values caused by changes in supply vessels and constructions of newbuilding’s and changes in “ton-mile” demand caused by changes in worldwide OPEC petroleum production, consumption and
storage, the duration and severity of the ongoing COVID-19 pandemic, including its impact on the demand for petroleum products and the seaborne transportation of clean products, the interruption or failure of our information technology and
communication system including cyber-attacks, the increased cost of capital or limited access to funding due to EU taxonomy and the potential liability from future litigation and future costs due to environmental damage and vessel collision, the
potential conflicts of interest involving our board of directors and senior management.
Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions or updates to
these forward-looking statements to reflect new information, future events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Please see TORM’s filings with the U.S. Securities and Exchange
Commission for a more complete discussion of certain of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date of this communication
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TORM PLC | OFFICE 105 | 20 ST DUNSTAN’S HILL
LONDON, EC3R 8HL, UNITED KINGDOM | COMPANY: 09818726
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PRESS RELEASE NO. 02
11 JANUARY 2024
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