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.
<div style="text-align: left;">
A handymax-sized bulk carrier
</div>
<div style="text-align: left;"> A handymax-sized bulk carrier </div>

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 translates into an initial conversion price of HK$4.96 a share. The initial conversion price range was between HK$4.96 and HK$5.25.

It attracted robust demand close to 50 investors took...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222