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$125m placed in convertible bonds

$125m placed in convertible bonds
Belgian crude oil transporter Euronav placed $125 million in convertible bonds with institutional investors.

Belgian crude oil transporter Euronav placed $125 million in convertible bonds with institutional investors.

Belgian crude oil transporter Euronav (EUAV.BR) placed $125 million in convertible bonds with institutional investors on Friday as it moved to diversify its funding sources and boost its warchest for acquisitions.

The senior unsecured five-year issue carries a 6.5 percent coupon and will be convertible into 9.44 percent of the company's share capital on a fully diluted basis, Euronav said in a statement.

The conversion price of 16.28 euros ($23.17) represented a 25 percent premium over the volume weighted average price of the shares on Sept. 3.

Euronav shares closed on Thursday at 13.05 euros. Trading was suspended until after the announcement of the final terms.

Part of the funds will also be used to strengthen Euronav's balance sheet liquidity and for general corporate and working capital purposes.

HSBC Bank plc was lead manager of the offering, with ING Belgium acting as co-manager and Clarkson Investment Services Limited acting as placing agent.

www.TurkishMaritime.com.tr

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