Seabulk International, a Florida-based shipping fleet owner, is considering entering into an interest-rate swap on a recent bond issue. Vincent deSostoa, cfo in Fort Lauderdale, said the likelihood of LIBOR remaining low for some time is making a fixed-to-floating swap look attractive.
Whether the corporate enters into the transaction will depend on what spread over LIBOR it can achieve, as well as what the collateral requirements would be for any such deal, he said.
If Seabulk goes ahead with the swap it will match the notional size and tenor of the USD150 million, 10-year bond issue, deSosta said. The counterparty on the deal would be chosen from one of several relationship banks, which deSostoa declined to name.
