The firm’s equity researchers say the $100m increase reflects high demand for the 2018 maturity issued at par with a fixed interest cost of 3.25%.
“The $21.945 per share strike price, approximately 34% higher than current share price and around our target, could increase the outstanding shares by approximately 19% if converted,” they told clients Friday.
The analysts, who have described the US-listed shipowner as one of their “top picks” for the shipping space, said the transaction illustrates the company’s “unique position in the market with access to low funding cost and high return investments”.
If
