Euronav says $150m bond provides the 'right balance'

Euronav has added another string to its funding bow after tapping the Norwegian bond market for $150m.

The tanker owner had been looking to collect between $100m and $200m from the unsecured issue, which closed on Tuesday.

Hugo De Stoop, chief financial officer at Euronav, says the company could have taken around $100m more given the issue was oversubscribed.

“We decided to go with $150m for this first-time issuance because that will provide the right level of liquidity in the secondary market as well as putting us on the right footprint in that market,” he said.