By Evan Weinberger
New York, Dec. 7 - Golden Ocean Group Ltd. priced $200 million in 3.625% convertible bonds due December 2012 with a 40% initial conversion premium Friday. The convertibles came in at the cheap end of talk, which was for a coupon of 3.125% to 3.625% and an initial conversion premium of 40% to 45%.
ABG Sundal Collier Norge ASA is the bookrunner on the Regulation S transaction.
The settlement date is Dec. 20.
The conversion price is $8.2588.
The convertibles will be callable after three years subject to a 130% hurdle.
Golden Ocean is a Hamilton, Bermuda-based dry bulk shipping firm. The company plans to use the proceeds to partly finance its new building program.
Issuer: Golden Ocean Group Ltd.
Issue: Convertible bonds
Amount: $200 million
Maturity: December 2012
Coupon: 3.625%
Price: Par
| Yield: | 3.625%
|
| Conversion premium: | 40%
|
| Conversion price: | $8.2588
|
| Call: | After three years subject to 130% hurdle
|
| Bookrunner: | ABG Sundal Collier Norge ASA
|
| Distribution: | Regulation S
|
| Talk: | 3.125% to 3.625% coupon, 40% to 45% initial conversion premium
|
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