Performance Shipping gives results of offer to exchange stock into new convertible preferreds

By Rebecca Melvin

Concord, N.H., Jan. 28 – Performance Shipping Inc. announced the results of its offer to exchange up to 4,066,181 of its outstanding common shares for newly issued shares of $25-par series B convertible cumulative perpetual preferred stock, according to a news release.

The company is offering 0.28 of a series B preferred share for each common share.

As of the exchange offer expiration at 5 p.m. ET on Jan. 27, the total number of common shares tendered in the exchange offer was 2,834,612 common shares, which would result in the company’s issuance of about 793,691 series B preferred shares. The number of common shares accepted for exchange.

The issuance of series B preferred shares for common shares that are accepted for exchange will be made in accordance with the terms of the exchange offer promptly following the final confirmation of the number of common shares tendered and taking into account adjustments to avoid the issuance of fractional preferred shares.

Computershare Trust Co., NA is the depositary for the exchange offer. Georgeson LLC is the information agent.

Performance Shipping is a shipping services company based in Athens.

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