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...