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BW LPG Launches Offering of $300 Million Convertible Bonds Due 2031

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BW LPG (BWLPG.OL) commenced an offering of $300 million in senior unsecured convertible bonds due Sept. 9, 2031, on Tuesday, according to a same-day release.

Scheduled for issuance and settlement on Sept. 9, 2026, the bonds are expected to have an annual coupon rate between 2% and 2.50%, with the initial conversion price at a premium in the 35% to 40% range above the share reference price, subject to customary adjustments.

The final terms will be determined after the accelerated bookbuild process. The liquefied petroleum gas vessel owner and operator will have the option to redeem a portion or all of the bonds after Sept. 30, 2029.

Net proceeds from the offering will be used to partially finance the construction of eight Panamax very large gas carriers with Hyundai Heavy Industries and for general corporate expenditures.

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