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Pacific Basin Shipping buys back $43.5 million of 3.3% convertibles due 2013
By Jennifer Chiou
New York, Oct. 17 - Pacific Basin Shipping Ltd. announced the repurchase of another $43.5 million total of its $350 million originally issued 3.3% convertible bonds due Feb. 1, 2013.
In off-market transactions on Oct. 16, the company bought $30 million of the bonds for $19,738,125 at prices between 65.75 and 65.875.
And in off-market transactions on Oct. 17, the company bought $13.5 million of the bonds for $9,045,000 at a price of 67.
The company has now repurchased a total of $60 million of the convertibles for $39.35 million.
The bonds were issued by subsidiary PB Issuer Ltd. on Dec. 20, 2007 and guaranteed by Pacific Basin Shipping, which is a dry bulk shipping company based in Hong Kong.
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