Pacific Andes buys back another $3.9 million of its 4% convertibles

By Susanna Moon

Chicago, July 16 - Pacific Andes Resources Development Ltd. said it repurchased $3.9 million of its $93 million 4% convertible bonds due April 18, 2012.

The company said that $1.2 million of the convertibles would be canceled on July 16 and that $2.7 million of the notes will be canceled on July 19.

Pacific Andes noted that the buyback represents 4.2% of the total principal amount.

The company repurchased $5.5 million, or about 5.9%, of the bonds on April 16 and $4 million on March 18.

Hong Kong's Pacific Andes provides at-sea transportation and logistical services to fishing companies and operates fishing fleets and fishmeal processing facilities in the Pacific Ocean region.

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