ID :
89416
Fri, 11/13/2009 - 14:02
Auther :
Shortlink :
https://oananews.org//node/89416
The shortlink copeid
STX Pan Ocean raises US$200 mln via bond sale
SEOUL, Nov. 13 (Yonhap) -- STX Pan Ocean Co., South Korea's leading bulk carrier, said Friday that it has raised US$200 million by selling bonds convertible into shares.
The 5-year bonds carry an interest rate of 4.5 percent, and bondholders will be
allowed to convert them into shares after a given period.
The proceeds from the bond sale will be used to fund ship construction, it said.
On Thursday, STX Pan Ocean said its third-quarter profit dropped sharply from a
year earlier on falling freight rates.
Net income reached 9.6 billion won ($8.3 million) in the July-September period,
compared with a profit of 145 billion won a year earlier.
sam@yna.co.kr
(END)
The 5-year bonds carry an interest rate of 4.5 percent, and bondholders will be
allowed to convert them into shares after a given period.
The proceeds from the bond sale will be used to fund ship construction, it said.
On Thursday, STX Pan Ocean said its third-quarter profit dropped sharply from a
year earlier on falling freight rates.
Net income reached 9.6 billion won ($8.3 million) in the July-September period,
compared with a profit of 145 billion won a year earlier.
sam@yna.co.kr
(END)
