New York, Nov. 12 - STX Pan Ocean Co. Ltd. priced $200 million of five-year convertible unsecured bonds to yield 4.5% with a 25% initial conversion premium, according to a news release.
The deal priced after the close Thursday.
Pricing was within talk for a yield of 3% to 5% and a conversion premium of 20% to 30%.
Goldman Sachs International is the bookrunner.
The bonds will be convertible into common shares of the company on either the Korea or the Singapore stock exchanges at the holders' option.
The bonds are convertible into shares after one year. There is a put in year 2012.
About 50% of proceeds are earmarked for general corporate purposes with the remainder for financing the purchase of a newly built vessel.
The company plans to list the bonds on the Singapore Exchange Securities Trading Ltd.
STX is a Seoul, South Korea-based marine transportation company.
| Issuer: | STX Pan Ocean Co. Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | $200 million
|
| Maturity: | Nov. 20, 2014
|
| Coupon: | 4.5%
|
| Price: | Par
|
| Yield: | 4.5%
|
| Initial conversion premium: | 25%
|
| Conversion price: | KRW 14,125, fixed exchange rate of KRW 1,159.50 = $1.00
|
| Call: | After three years at par subject to 130% hurdle
|
| Put: | After three years at par
|
| Bookrunner: | Goldman Sachs International
|
| Pricing date: | Nov. 12
|
| Settlement: | Nov. 20
|
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