Hong Kong's Pacific Basin buys back $19 million 3.3% convertibles

By Marisa Wong

Milwaukee, June 22 - Pacific Basin Shipping Ltd. reported that it made further repurchases of its $390 million 3.3% guaranteed convertible bonds due 2013.

In off-market transactions on Tuesday, the company bought 200 units of the bonds, with a face value of $10,000 each, at par for a total of $2 million.

The company said that it also repurchased 1,700 units on Monday valued at $17 million but has not yet cancelled those securities.

Pacific Basin has now repurchased a total of $268.23 million of the convertibles for $244,584,245.

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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