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BW LPG Launches $300 Million Convertible Bond Offering

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BW LPG (BWLP) launched an offering of senior unsecured convertible bonds due 2031 with an aggregate principal amount of about $300 million, the company said Tuesday.

The bonds are expected to carry a 2% to 2.5% annual interest rate and will be convertible into new BW LPG shares.

The company said it plans to use the proceeds to partly finance its program for eight new Panamax VLGCs with Hyundai Heavy Industries and for general corporate purposes.

Shares of BW LPG were down nearly 3% in Tuesday afternoon trading.

Price: $23.57, Change: $-0.68, Percent Change: -2.80%

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