Pacific Basin Shipping has reduced its bond debt by 98% after bondholders exercised a put option.
The Hong Kong-headquartered bulker operator has redeemed bonds worth $122.2m, according to a filing on Wednesday.
This leaves Pacific Basin with just $2.8m or 2.23% of bonds outstanding.
The bonds were redeemed at 100% of their principal amount, plus accrued but unpaid interest, and have been cancelled.
