Indonesian shipping company brings $100 million CB

Berlian Laju Tanker replenishes its coffers ahead of an expected convertible put in May and as it pursues the acquisition of a Norwegian liquid tanker company.

Berlian Laju Tanker BLT, a small-cap Indonesian shipping company, has raised $100 million from a five-year convertible bond that was well received by investors. The company is a true high-yield issuer -- it has a credit spread closer to 2,000bp than 1,000bp and a B rating from Standard Poor's and Fitch -- and the shipping sector is still clouded by uncertainty, but the downside protection offered by the CB appeared to provide enough comfort to get investors to open...

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