Pacific Basin lowers conversion price of 3% convertibles due 2025

By Mary-Katherine Stinson

Lexington, Ky., Aug. 11 – 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$1.45 per share from HK$1.50 per share, effective Aug. 11.

The change is due to an interim dividend of HK$0.065 per share, payable Aug. 25.

All other terms of the bonds are unchanged.

In the case of conversion of the bonds into shares, the guarantor will utilize the specific mandate given by shareholders at the special general meeting held on Dec. 2, 2019 to satisfy the issue of the conversion shares.

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

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