GOGL – Golden Ocean launches $100 million convertible bond

Golden Ocean Group Limited (“Golden Ocean” or the “Company”) is pleased to announce that the Company intends to issue $100 million in principal amount of convertible bonds with a five-year tenor (the “Bonds”). In addition, Golden Ocean has granted ABG Sundal Collier Norge ASA an option to purchase up to an additional $25 million principal amount of Bonds.
The senior unsecured bonds will be convertible into common shares of the Company. The bonds are expected to have an annual coupon in the range of 4.375% – 4.875% payable semi-annually in arrear, and have a conversion premium of 27.5% – 32.5% over the volume weighted average price of the Company’s shares on the Oslo Stock Exchange (converted into $) at the time of pricing.

The convertible bonds will be issued and redeemed at 100% of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature in December 2014.

The bonds are expected to be settled on or around 22 December 2009. Golden Ocean may decide to list the bonds on an exchange at a later stage.

The proceeds from the convertible bond offering will be used for financing of the existing ship building program, to
improve the Company’s ability to react to market opportunities and for general corporate purposes.

ABG Sundal Collier Norge ASA is Bookrunner for the Offering, while ABG Sundal Collier Norge ASA and First Securities AS are Joint Lead Managers.

8 December 2009
Hamilton, Bermuda

Contact Persons:
Herman Billung: CEO, Golden Ocean Management AS
+47 22 01 73 40

Geir Karlsen: CFO, Golden Ocean Management AS
+47 22 01 73 53

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