Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, announced the pricing of a US$125 million private placement of senior unsecured bonds maturing in June 2026 and callable beginning three years after issuance.
The bond offering was priced with a U.S. dollar fixed-rate coupon of 8.375%. Interest will be payable semi-annually in arrears in June and December of each year. The Company will apply for listing of the bonds on the Oslo Stock Exchange. The offering was significantly oversubscribed and is expected to close on June 22, 2021, subject to customary closing conditions.
In conjunction with the offering, the Company has bought back US$78.25 million of the 9.5% senior unsecured bonds due 2023 and with ISIN NO0010832868 (“DIASH01”). The net proceeds from the bonds shall be used to refinance the remaining portion of DIASH01 and for general corporate purposes.
Arctic Securities and Nordea acted as Joint Bookrunners.