Pacific Basin raises $125m from CB

The Hong Kong-based dry bulk shipping company priced the deal at a 37.5% premium.

Pacific Basin Shipping has raised $125 million from a six-year convertible bond in an effort to help boost its balance sheet and manage upcoming liabilities.

Strong stock markets in Hong Kong buoyed the convertible bond issue, which is the second in one week following Taiwanese touch-screen manufacturer TPK Holdings’ $383 million concurrent zero-coupon convertible bond and equity sale on April 1.

Pacific Basin’s convertible has a six-year maturity and four-year investor put with an issuer call after four years, according to a term sheet seen by FinanceAsia. It offers a 3.25% yield with a conversion premium of 37.5% to the April 8 closing price of...

¬ 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 subscription (2-5 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 subscription (2-5 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