Pacific Basin upsizes follow-on to $275 million

The dry bulk shipping company is only the fourth Asian company this year to complete a follow-on share sale and manages to price the transaction above the mid-point.

Dry bulk shipping company Pacific Basin Shipping last night became only the fourth Asian company to raise fresh capital through an equity placement this year, suggesting that the recent market gains and the slight improvement in sentiment have made at least some company managements comfortable with the valuations on offer.

The deal was well received by investors, and sole bookrunner Goldman Sachs was able both to upsize the offering by 36% to HK$2.14 billion $275 million and to price...

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