Pacific Basin Shipping buys back $43.5 million of 3.3% convertibles due 2013

By Jennifer Chiou

New York, Oct. 17 - Pacific Basin Shipping Ltd. announced the repurchase of another $43.5 million total of its $350 million originally issued 3.3% convertible bonds due Feb. 1, 2013.

In off-market transactions on Oct. 16, the company bought $30 million of the bonds for $19,738,125 at prices between 65.75 and 65.875.

And in off-market transactions on Oct. 17, the company bought $13.5 million of the bonds for $9,045,000 at a price of 67.

The company has now repurchased a total of $60 million of the convertibles for $39.35 million.

The bonds were issued by subsidiary PB Issuer Ltd. on Dec. 20, 2007 and guaranteed by Pacific Basin Shipping, which is a dry bulk shipping company based in Hong Kong.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.