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STX Pan Ocean proposes $224m bonds issue

Wednesday, 08 February 2012 | 16:30
STX Pan Ocean has proposed to issue up to KRW250bn ($223.5m) of non-convertible bonds due February 2015 with an annual interest rate of 3%.
The South Korean shipping firm will also issue detachable warrants exercisable into ordinary shares in the capital of the company.
STX Pan Ocean has entered into a subscription agreement on Tuesday with Tong Yang Securities as the lead manager plus seven other managers to subscribe and pay for the bonds and warrants.
The bonds and warrants will be offered to the Korean public and listed on the Korea Exchange on 21 February.
“The company intends to use the net proceeds from the proposed offering for general corporate and facility investment purposes,” STX Pan Ocean said in a statement.
Source: Seatrade-Asia
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