Pacific Basin trims conversion price on 3% convertibles due 2025

By Marisa Wong

Los Angeles, April 17 – Pacific Basin Shipping Ltd. adjusted the conversion price for the $175 million of 3% guaranteed convertible bonds due 2025 issued by PB Issuer (No. 5) Ltd. and guaranteed by Pacific Basin, according to a notice.

The conversion price was lowered to HK$2.34 per share from HK$2.40 per share, effective April 17.

The change is due to a final dividend of HK$0.021 per share for the year ended Dec. 31 that is payable on May 5.

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

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