Pacific Basin Shipping buys back $4.73 million more 3.3% convertibles

By Marisa Wong

Madison, Wis., Aug. 27 - Pacific Basin Shipping Ltd. repurchased $4.73 million of the 3.3% guaranteed convertible bonds due 2013 issued by PB Issuer Ltd., according to a company notice.

The convertibles were purchased at 100.25% of par in an off-market transaction on Aug. 27.

The company issued $390 million of the convertibles in December 2007 and has since repurchased $276.7 million principal amount, or 70.95%, of them for $253.07 million. The purchase prices have ranged from 63.125% to 100.25% of par.

Following the latest repurchase, $113.3 million remains outstanding.

Pacific Basin Shipping is a dry bulk shipping company based in Hong Kong.

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