Pacific Basin cuts conversion prices of 1.875%, 3.25% convertibles

By Tali Rackner

Norfolk, Va., May 31 – Pacific Basin Shipping Ltd. announced an adjustment to the conversion price for the $123.8 million of 1.875% guaranteed convertible bonds due 2018 issued by PB Issuer (No. 3) Ltd. and the $125 million of 3.25% guaranteed convertible bonds due 2021 issued by PB Issuer (No. 4) Ltd.

The conversion price for the 1.875% bonds was lowered to HK$3.58 per share from HK$4.75 per share, and the conversion price for the 3.25% bonds was lowered to HK$3.07 per share from HK$4.08 per share.

Both adjustments were effective as of Monday, according to two notices. They are the result of the issue of shares by way of rights as approved at the adjourned special general meeting of Pacific Basin held on May 27, which is regarded as a conversion price adjustment event under the terms and conditions of the bonds.

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.