STX Pan Ocean proposes $86.8m bonds issue

STX Pan Ocean is planning to issue unsecured straight bonds in South Korea to get cash for refinancing the current corporate bonds due in July, Seatrade Asia online reports.

The proposed KRW100bn ($86.8m) bonds are expected to be issued on 24 July with a tenor of 1.5 years on interest rates of 6.5-6.7%, STX Pan Ocean announced in a regulatory filing.

The repayment scheme will be bullet repayment with interest to be paid every three months. The company added that the proposed bonds are non-convertible to shares.