SOURCE: Golden Ocean Group

December 07, 2007 10:15 ET


HAMILTON, NORWAY--(Marketwire - December 7, 2007) -

Golden Ocean Group Limited ("Golden Ocean" or the "Company") today announces that the Company has successfully completed its $200 million convertible bond offering.

The proceeds from the bonds will be used to part-finance the Company's newbuilding program.

The senior unsecured convertible bonds will have an annual coupon of 3.625% payable semi-annually in arrear and a conversion price of $8,2588 per bond representing a conversion premium of 40% of the volume weighted average price of the Company's shares on the Oslo Stock Exchange (converted into $) up to the pricing of the bonds on 7 December 2007 (the reference price).

The reference price of the Company's common shares has been set at $5.89914 (based on a volume weighted average price of NOK 32,2844).

The Bonds will be issued and redeemed at 100% of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature in December 2012.

Golden Ocean has the right to call the bonds after three years, if the value of the Golden Ocean shares underlying one Bond on the Oslo Stock Exchange (translated into $) exceeds, for a specified period of time, 130% of the principal amount of the Bond.

The Bonds are expected to be settled on or around 20 December 2007. Golden Ocean may decide to list the Bonds on an exchange at a later stage.

ABG Sundal Collier Norge ASA is Sole Bookrunner for the Offering. ABG Sundal Collier Norge ASA and Nordea Bank Norge ASA are Joint Lead Managers.

7 December 2007
Hamilton, Bermuda

Copyright © Hugin ASA 2007. All rights reserved.

Contact Information

  • Contact Persons:
    Herman Billung: CEO, Golden Ocean Management AS
    +47 22 01 73 40

    Geir Karlsen: CFO, Golden Ocean Management AS
    +47 22 01 73 53