(22 June 2007) BW Group Limited announced on 22 June that it has successfully priced a USD 500 million inaugural bond offering at US Treasuries plus 155.75 bps with a coupon of 6.625%. Over the past week, the Company conducted a global investor roadshow through Asia, Europe and the United States, with strong demand resulting in the offering being oversubscribed by more than three times. Distribution of the offering was 38% to Asian investors, 37% to U.S. investors and 25% to European investors.
The Company intends to use the proceeds from the bond to repay the outstanding amount under the Company’s USD 800 million unsecured revolving credit facility and for general corporate purposes. "We are very pleased with the outcome of this important transaction for the BW Group, which has broadened our investor base and enhanced our financial flexibility for the future," said Andreas Sohmen-Pao, CEO of BW Shipping.