SERVICES

Golden Ocean announces conversion price for its 200 million convertible bond

Athens - The Bonds will have an annual coupon of 3.07% payable semi-annually in arrear.

Athens - Golden Ocean Group Limited (”Golden Ocean” or the “Issuer”) announces a USD 2.86 conversion price for its USD200 million 3.07% senior unsecured convertible bonds due 2019 (the “Bonds”). The senior unsecured bonds will be convertible into common shares of the Issuer. The Bonds will have an annual coupon of 3.07% payable semi-annually in arrear. The USD 2.86 conversion price corresponds to a conversion premium of 32.5% over the volume weighted average price of the Issuer’s shares on the Oslo Stock Exchange (converted at today’s USD:NOK spot rate equal to NOK 6.1612 / USD 1.00, prevailing at closing of the market) between opening and closing of the market today. The Bonds will be issued and redeemed at 100% of their principal amount and will, unless previously redeemed, be converted or purchased and cancelled, mature on 30 January 2019. The Bonds are expected to be settled and delivered on 30 January 2014. Golden Ocean may decide to list the Bonds on an exchange at a later stage. The net proceeds of the Bonds will be used to grow the Issuer with a focus on acquiring sailing vessels or vessels that are due for delivery within a short time frame, to part finance existing newbuilds and for general corporate purposes.

Pressed for time?

Get the best news of the week in your inbox

Subscribe ››