Pacific Basin trims conversion price of 3% convertibles due 2025

By William Gullotti

Buffalo, N.Y., April 25 – 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 on Thursday.

The conversion price was lowered to HK$1.42 per share from HK$1.45 per share, effective April 25.

The change is due to a final dividend of HK$0.057 per share for the year ended Dec. 31, 2023, payable May 9 with an ex-dividend date of April 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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