Pacific Basin raises $350 million from upsized CB
The offering is the second equity-linked deal arranged by Goldman Sachs in less than a week.
Pacific Basin Shipping has raised $350 million from an upsized convertible bond issue at a time when volatile markets, and a poor debut by fellow dry-bulk shipping firm Sinotrans, have made investors a bit cautious about the sector.
Even so, the companyÆs inaugural CB attracted more than $1 billion worth of demand, which allowed the issuer to fix the conversion premium at the top of the range at 27% and increase the base deal size from $300 million. At the...
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