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.
Pacific Basin has launched its option to redeem all the remaining bonds by 2 August and cancel them upon settlement.
The Mats Berglund-led company has been active in tweaking its financial arrangements so far this year.
In May, Pacific Basin secured a new $115m revolving credit facility, which was provided by a syndicate of three unnamed "leading international banks" and is secured against 10 of its ships.
