BW LPG Limited, the world's leading owner and operator of LPG vessels, has successfully placed an offering of USD 300 million senior unsecured convertible bonds due 2031, convertible into new shares of the Company. The net proceeds will partly finance the newbuild program with Hyundai Heavy Industries for eight Panamax VLGCs, and for general corporate purposes. The bonds carry a fixed coupon of 2.25% per annum, payable semi-annually, with an initial conversion price of USD 30.4870 per share, representing a 40% premium over the reference share price. Concurrently, a placement of existing shares was conducted to hedge market risk for certain bond subscribers, from which the Company received no proceeds. Settlement is expected on or around 9 September 2026.
BW LPG LimitedBW LPG raises USD 300M via convertible bonds to finance newbuilds, strengthening its capital position.
Chevron Corp
Hyundai Heavy Industries Co LtdHyundai Heavy Industries receives newbuild orders for eight Panamax VLGCs from BW LPG.
