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STX Pan Ocean seeks $175m

STX Pan Ocean seeks $175m
SOUTH Korean dry bulk and boxship operator STX Pan Ocean plans to raise Won200bn ($174.7m) in a bond offering to be issued on March 12.

STX Pan Ocean seeks $175m from bond issue.

SOUTH Korean dry bulk and boxship operator STX Pan Ocean plans to raise Won200bn ($174.7m) in a bond offering to be issued on March 12.

The company, which is listed on the Seoul and Singapore stock exchanges, said the funds will be used to secure cash for refinancing current corporate bonds due in August 2010, and for general management and facility investment.

The three year, public unsecured straight bonds will be issued in South Korea and have a coupon rate of 6.8%. The proposed bonds are non-convertible to shares and will not be listed on the Singapore bourse.

STX Pan Ocean has Won150bn worth of bonds maturing in the third quarter of this year, Bloomberg estimated.

Tong Yang Securities will be the lead arranger on the deal, while other underwriters include Hyundai Securities, Daewoo Securities, Korea Development Bank, Dashin Securities and Shinhan Investment.

The global financial downturn hit STX Pan Ocean hard last year, resulting in a preliminary net loss of $61.6m in 2009, down from a net profit of $494.3m in 2008.

In January, the company announced a $203m plan to purchase six vessels, including bulk carriers, this year.

STX Pan Ocean is part of the STX Group, a conglomerate active in shipbuilding, shipping, construction and engineering.

www.turkishmaritime.com.tr

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