Pacific Basin repurchases $5.8 million 3.3% convertibles

By Devika Patel

Knoxville, Tenn., Dec. 24 - Pacific Basin Shipping Ltd. said it bought back another $5.8 million of its $390 million originally issued 3.3% convertible bonds due Feb. 1, 2013.

In off-market transactions on Tuesday, the company bought 580 units of the bonds, with a face value of $10,000 apiece, at a price of 79.9, or $4.64 million total.

The company has now repurchased a total of $65.8 million of the convertibles for $43.99 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.

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