Pacific Basin buys back $10.5 million more 3% convertibles due 2025

By William Gullotti

Buffalo, N.Y., Dec. 13 – Pacific Basin Shipping Ltd. as guarantor announced that PB Issuer (No. 5) Ltd. repurchased another $10.5 million of its 3% guaranteed convertible bonds due 2025 (ISIN: XS2065522398) on Dec. 12, according to a notice on Tuesday.

The buybacks represent approximately 6% of the original issue with the rights to convert into 50,477,944 shares of the company based on the prevailing conversion price as of Dec. 13.

Before the most recent transaction, the outstanding principal of the bonds was $44.61 million.

After cancellation, the amount outstanding will be $34.11 million.

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

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