BW LPG Prices $300M Convertible Bond at 2.25% Coupon, 40% Conversion Premium
BWLP sits 96% above its 52-week low of $11.72 on elevated volume (2.1× avg).
Summary
BW LPG priced its $300 million senior unsecured convertible bonds due 2031 at a 2.25% coupon with a 40% conversion premium, finalizing terms of the offering announced the prior day.
Key Events · Financing and Capital Events · BWLP
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$300M Convertible Bond Priced
BW LPG placed $300 million of senior unsecured convertible bonds due 2031 at a fixed coupon of 2.25% per annum, payable semi-annually.
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Conversion Price Set at 40% Premium
Initial conversion price is $30.4870 per share, a 40% premium over the reference share price, adjusted downward for the $0.95 dividend payable around September 16, 2026.
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Proceeds Fund VLGC Newbuilds
Net proceeds will partly finance the eight Panamax VLGC newbuild program with Hyundai Heavy Industries, with the remainder for general corporate purposes.
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Concurrent Delta Placement
The sole placement agent conducted a placement of existing shares on behalf of bond subscribers for hedging purposes; the company received no proceeds from these share sales.
Analysis · BWLP · Energy & Transportation
The $300 million convertible bond offering has been finalized, with the coupon set at 2.25% and the initial conversion price at $30.4870 per share — a 40% premium over the reference share price. The bonds mature in 2031 and fund the company's eight-vessel VLGC newbuild program with Hyundai Heavy Industries. A concurrent delta placement allows bond subscribers to hedge their exposure through short sales of existing shares, with no proceeds to the company. This is a significant capital raise that adds potential future dilution if converted, but the premium conversion price and low coupon reflect strong institutional demand for BW LPG paper.
How filings like this one have moved
In the 30 days to Sep 11, 2026, 30.2% of the 1961 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.20%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BWLP was trading at $22.99 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $3.7B. The 52-week trading range was $11.72 to $25.48. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.