Hemen makes offer for Golden Ocean 3.625% convertibles

By Jennifer Chiou

New York, March 4 - Hemen Holding Ltd. announced the launch of a conditional offer to purchase two-thirds of Golden Ocean Group Ltd.'s 3.625% limited callable convertible bonds due 2012.

Bondholders currently own 2,000 bonds, each with a face value of $100,000.

If Hemen is successful in acquiring a two-thirds position, it plans to call a bondholders' meeting in order to remove the market adjusted equity ratio in the loan agreement.

Golden Ocean is a Hamilton, Bermuda-based dry bulk shipping firm.

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