Pacific Basin raises $123.8 million from six-year CB

The Hong Kong-headquartered dry bulk shipping company prices the deal with a 27.5% conversion premium.

Pacific Basin raises $123.8 million from six-year CB
A handymax-sized bulk carrier

Pacific Basin Shipping has raised $123.8 million from the sale of a six-year convertible bond to help expand its fleet.

The CB has a six-year maturity with an investor put in the fourth year. It was offered with a coupon ranging from 1.375% to 1.875% and a conversion premium of 27.5% to 35%.

The deal resulted in a 1.875% coupon and a 27.5% premium over Thursday’s HK$3.89 closing price. The premium...

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