Bermuda, 3 September 2014: BW Group Limited ("BW
Group") has today completed an offering of senior
secured bonds due 10 September 2019 in the aggregate
amount of USD 250 million (the "Bonds") exchangeable
into common shares of BW LPG Limited (the "Shares").
Settlement of the offering is expected to occur on 10
September 2014. Unless previously redeemed or
purchased and cancelled, the Bonds can be exchanged
by the holders of the Bonds into Shares during the
period commencing on 21 October 2014 and ending on
the tenth dealing day prior to the maturity date, or,
if earlier, ending on the tenth dealing day prior to
the date for redemption of the Bonds. Based on the
initial exchange price of USD 16.72 per Share, the
Bonds can be exchanged into a maximum of 14,952,153
Shares. The exchange price and the maximum numbers of
Shares into which the Bonds may be exchanged will be
subject to customary adjustments. Upon exchange, BW
Group will have the option to deliver Shares and/or
cash. BW Group will also have the right to redeem all
outstanding Bonds at any time at their par value
together with accrued interest if less than 15% of
the Bonds originally issued remain outstanding.
BW Group currently holds 61,293,761 Shares,
representing 44.98% of all the Shares in issue.
The Chairman of the Board of Directors of BW LPG
Limited, Mr. Andreas Sohmen-Pao, is the CEO of BW
Group. The Vice Chairman of the Board of Directors of
BW LPG Limited, Mr. John B. Harrison, is a director
of BW Group.