Pacific Basin holders put $80.92 million of 3.3% convertibles due 2013

By Marisa Wong

Madison, Wis., Feb. 1 - Pacific Basin Shipping Ltd. said that bondholders exercised a put option for $80.92 million of the 3.3% convertible bonds due 2013 issued by PB Issuer Ltd.

Pacific Basin redeemed the convertible bonds on Feb. 1 at par plus accrued interest.

The redeemed bonds have been cancelled, and the remaining outstanding principal amount of the bonds is $24.28 million, which represents 6.23% of the $330 million of bonds originally issued.

Because the outstanding amount makes up less than 10% of the total amount originally issued, the company will redeem the remaining bonds at par on March 4.

Pacific Basin Shipping 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.