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First Steamship to sell up to $30 million 0% three-year convertibles
By Marisa Wong
Madison, Wis., April 26 - First Steamship Co. announced that its board of directors approved the issue of up to $30 million of 0% unsecured European convertible bonds.
The bonds will have a maturity of three years.
The bonds will be issued at par.
This will be the company's first issue of unsecured corporate bonds in 2011.
Proceeds will be used for investment in an offshore subsidiary.
First Steamship is a Taipei, Taiwan-based shipping company.
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