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.