By Rebecca Melvin
New York, April 18 - Polarcus Ltd. priced $125 million five-year convertible notes at par to yield 2.875% with an initial conversion premium of 32.5% over the volume weighted average share price of Polarcus' shares on the Oslo Stock Exchange between April 12 and April 13, according to a news release.
The initial conversion price is $1.9345 with the exchange rate set at $1.4600 equals NOK 7.9338.
The bonds will settle April 27 and will mature in April 2016.
Based in Dubai, United Arab Emirates, Polarcus is a private shipping company.
| Issuer: | Polarcus Ltd.
|
| Issue: | Convertible notes
|
| Amount: | $125 million
|
| Maturity: | April 2016
|
| Coupon: | 2.875%
|
| Price: | Par
|
| Yield: | 2.875%
|
| Conversion premium: | 32.5%
|
| Conversion price: | $1.9345 ($1.4600=NOK 7.9338)
|
| Pricing date: | April 18
|
| Settlement date: | April 27
|
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