Pacific Basin Shipping buys back $8.1 million more 3.3% convertibles

By Susanna Moon

Chicago, Sept. 30 - Pacific Basin Shipping Ltd. repurchased another $8.1 million of the 3.3% guaranteed convertible bonds due 2013 issued by PB Issuer Ltd.

The company bought back the convertibles at par on Sept. 30.

The company issued $390 million of the convertibles in December 2007 and has since repurchased $284.8 million principal amount, or 73.03%. The purchase prices have ranged from 63.125% to 100.25% of par.

There is now $105.2 million of the convertibles outstanding.

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

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