STX PO redeems $193.8m in bonds

South Korea's STX Pan Ocean has made a total payment of $193.8m worth of outstanding convertible bonds following the exercise of the bondholders' put option, Seatrade Asia online reports.

The aggregate principal amount of the convertible bonds outstanding following the redemption would be $6.2m, based on the $200m 4.5% convertible bonds due 2014.

“The redemption of the convertible bonds is not expected to have any material impact on the company's current working capital requirements,” Singapore-listed STX PO said.