First Ship Lease Trust prices IPO slightly off the top

The ship financing company's 8.69% yield helps attract investors to the $333 million offering as equity markets remain volatile.

First Ship Lease Trust, SingaporeƆs second business trust with a focus on the shipping industry, has priced its initial public offering at $0.98 for a total deal size of $333.2 million.

The final price, which was two US cents below the top of the indicated range, translates into a tax free annualised 2007 yield of 8.69% and a premium to net asset value of 5.4%.

The maritime financing company, which buys ships from various shipping operators and then leases them...

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