Golden Ocean CB raises $200m despite sketchy equity-linked past

By Andrew Griffin
17 Jan 2014

Golden Ocean, a Norwegian dry bulk shipping company part owned by John Frederiksen, raised $200m through a convertible bond on Friday, pricing away from the best terms for the issuer despite a sketchy past in the equity-linked market.

The deal was marketed with an initial coupon range of 2.750%-3.375% and conversion premium guidance of 30%-35%. That implied volatility of around 40-30, through the range, with historic volatility roughly in line with the worst end of terms for investors.

The deal priced later with a coupon of 3.07% ...

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