Precious Shipping has issued debentures worth THB3.59bn by way of public offering and received an equivalent amount in proceeds.

The entire proceeds were swapped into US dollars amounting to $99.72m, the Bangkok-listed dry bulk shipowner announced.

The debt hold a five-year tenor with interest rate of 5.25% per annum payable on a quarterly basis, and is rated BBB- by Tris Rating Co on 13 November 2015.

In November last year, Precious Shipping’s board had approved an issuance of debentures worth up to THB4bn.