BW LPG Ltd (BWLP) Form 6-K — Sep 2, 2026
BW LPG Limited announced on 2 September 2026 that it successfully placed a USD 300 million offering of senior unsecured convertible bonds due 2031, with settlement expected on or around 9 September 2026. The bonds carry a fixed 2.25% coupon paid semi-annually starting 9 March 2027 and are convertible into new shares at an initial price of USD 30.4870 per share, set at a 40% premium over the reference share price after adjustment for the company's USD 0.95 per-share dividend payable on or around 16 September 2026. Net proceeds will partly finance the newbuild program with Hyundai Heavy Industries for eight Panamax VLGCs, plus general corporate purposes.
Key figures
- Debt Amount
- 300000000
- Interest Rate
- 2.25% per annum fixed coupon, paid semi-annually
- Maturity Date
- 9 September 2031
- Gross Proceeds
- 300000000
- Fleet size
- about 50 VLGCs and LGCs, including 20 dual-fuel vessels
- Holder put
- early redemption at third anniversary or upon change of control, free float event, or delisting event
- Offering size
- USD 300 million senior unsecured convertible bonds due 2031
- Newbuild program
- eight Panamax VLGCs at Hyundai Heavy Industries
- Bond denomination
- USD 200,000
- Conversion premium
- 40% over reference share price
- Dividend per share
- USD 0.95 payable on or around 16 September 2026 (ex-dividend 7 September 2026)
- Issuer call option
- on or after 30 September 2029 if parity value equals or exceeds USD 260,000 on at least 20 of 30 consecutive dealing days, or if 20% or less of bonds remain outstanding
- Coupon commencement
- 9 March 2027 (payable March and September each year)
- Expected settlement
- on or around 9 September 2026
- Conversion price per share
- USD 30.4870
AI analysis
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