Golden Ocean cuts conversion price of 3.07% five-year convertibles

By Marisa Wong

Madison, Wis., June 5 – Golden Ocean Group Ltd. adjusted the conversion price of its 3.07% senior convertible bonds due 2019 as a result of a dividend payout, according to a Singapore Exchange announcement.

The conversion price was lowered to $2.78 per share from $2.82 per share, effective June 4.

Golden Ocean priced $200 million of the five-year convertibles on Jan. 17 at par with a 32.5% initial conversion premium.

The conversion price of the bonds was set at $2.86 and was lowered to $2.82 on March 5.

Golden Ocean is a dry bulk shipping company incorporated in Hamilton, Bermuda.

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