Pacific Basin Shipping (HKG:2343) said its BVI-incorporated bond issuer has exercised a right to redeem the remaining $11.4 million principal of its 3% guaranteed convertible bonds due 2025, according to a July 11 Hong Kong bourse filing.
The remaining bonds account for 6.5% of the original $175 million issue.
Shares of the company were down about 4% in Monday morning trade.
The redemption will be settled on Aug. 14 at 100% of principal plus accrued interest.
Conversion price is HK$1.35 per share, while the market price was HK$2.16 at the time of the notice, the filing said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.