Pacific Basin raises $230 million from upsized CB

The Hong Kong-based shipping company executes a deal that is viewed as well priced, and only two days after Vedanta issues another well-received deal, sparking hopes of a pickup in CB issuance in Asia.

Pacific Basin Shipping has raised $230 million from a convertible bond that was well-received by the market, but at the same time provided cost-efficient financing for the company. Thanks to strong demand, the bookrunners were able to exercise the upsize option in full straight away, increasing the deal from the $200 million that was originally on offer. It was also priced at best terms for the issuer.

The dry-bulk shipper intends to use the proceeds to buy back an existing...

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