First Steamship offers up to $47.3 million 0% three-year convertibles

By Marisa Wong

Madison, Wis., March 23 - First Steamship Co. announced that its board of directors approved the issue of up to $47.3 million of 0% secured European convertible bonds.

The bonds will be issued at par with a maturity of three years.

This will be the company's first issue of secured corporate bonds in 2012.

Proceeds will be used to invest in an offshore subsidiary.

First Steamship is a Taipei, Taiwan-based shipping company.

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