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Golden Ocean cuts conversion price of 3.07% five-year convertibles
By Susanna Moon
Chicago, Sept. 12 – Golden Ocean Group Ltd. said it adjusted the conversion price of its 3.07% senior convertible bonds due 2019 because of a dividend payout.
The conversion price was reduced to $2.74 per share from $2.78 per share, effective Sept. 8, according to company notice.
The conversion price of the bonds was set at $2.86 and lowered to $2.82 on March 5 and to $2.78 per share on June 5.
Golden Ocean priced $200 million of the five-year convertibles on Jan. 17 at par with a 32.5% initial conversion premium.
Golden Ocean is a dry bulk shipping company incorporated in Hamilton, Bermuda.
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