Singapore's NOL begins US spin-off

American Eagle Tankers begins roadshows today for its NYSE listing.

The Salomon Smith Barney-led deal opens presentations in Singapore and will price after a lengthy roadshow, the week beginning 25 June. At the mid-point of the deal's indicative range, the company should raise about $114.7 million and see Neptune Orient Lines' NOL wholly-owned stake drop to 73.4%, or 70.6% pending the exercise of the greenshoe.

Backed by co-leads ABN AMRO and Morgan Stanley, the company roughly 32% owned by Temasek is planning to offer 4.725...

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