Winning with Converts (Again) – Equity Linked Award

There have been surprisingly few equity linked offerings in the shipping and offshore space in 2010, but Pacific Basin has demonstrated once again that it is possible to raise big money even in troubled times. Two years ago in these pages, we gave the equity linked Deal of the Year to the company for rising up to the challenge and launching its convertible offering just when the financial debacle was about to unfold from a housing crisis to a credit crunch in late December of 2007. At that time, it was the largest convertible offering by an Asian shipping company ever, and the second largest convertible bond offering by a Hong Kong issuer since the beginning of 2006.

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