Dry bulk shipping firm Pacific Basin entered into an agreement to issue new convertible bonds to raise approximately $123.8m.

Mats Berglund, ceo of Pacific Basin said: “This bond issue represents an opportunity for us to access the convertible market on attractive terms, and will raise immediate funds which we intend to use primarily to acquire additional handysize and handymax vessels as well as for general working capital purposes.”

Through this proposed issue of bonds due 2018, Pacific Basin will secure $123.8m of funding with a cash coupon of 1.875% per annum.

(Source:seatrade asia online)