STX Pan Ocean announces bond issue

South Korea’s STX Pan Ocean has said that it is issuing convertible bonds worth US$200m. ?The bonds will mature in five years and will carry a coupon rate of 3 to 5 per cent per annum. ?The Singapore listed firm said the money will be used for general corporate purposes and to finance the purchase of newly built vessels. ?STX Pan Ocean also said that it is investing a total of about US$880m in eight new Very Large Ore Carriers (VLOCs). The ships will be delivered in 2011 and 2012.