Singapore: BW Group is launching an offering of senior secured bonds due 2019 exchangeable into common shares of BW LPG with a base size of $200m, which may be increased up to a maximum of $250m.
The bonds will bear interest at a fixed rate coupon, within a range of between 1.5% to 2% per annum, payable semi-annually in arrear.
The initial exchange price of the bonds will be set at a premium of between 30% and 35% to the volume weighted average price of the shares on the Oslo Stock Exchange between launch and pricing on 3 September.
ABG Sundal Collier and BNP Paribas are acting as joint bookrunners of the offering. [03/09/14]
