Pacific Basin again trims conversion price on 3% convertibles due 2025

By Mary-Katherine Stinson

Lexington, Ky., Aug. 10 – Pacific Basin Shipping Ltd. adjusted the conversion price for its $175 million issue 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$1.63 per share from HK$1.93 per share, effective Aug.10.

The change is due to an interim dividend of HK$0.35 per share and an additional special dividend of HK$0.17 per share, for a total of HK$0.52 per share, payable Aug. 24.

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

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