Pacific Basin raises $98 million from new share sale

The dry-bulk shipping company prices the deal at the mid-point for a 5.2% discount.

Dry-bulk shipping firm Pacific Basin Shipping last night raised HK$761.7 million $98 million from the sale of new shares in an attempt to replenish its coffers for any potential distressed assets -- essentially ships -- that may become available as other companies struggle to cut costs or fail to meet their debt payments.

The Hong Kong-listed company offered 174.7 million shares, or 10% of its outstanding share capital, which was the maximum it could sell under a mandate obtained...

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