Pegasus Shipping Completes High Yield Bond Restructuring
Pegasus Shipping (Hellas) Ltd. has completed the restructuring of its $150 million 11.8 percent First Preferred Ship Mortgage Notes with its Bond Holders. Under final terms of the deal, the basis of which was first agreed in the latter part of last year, the company bought back its bonds from Bond Holders at $0.50 for each bond and retains- full equity control of the fleet. The total value of the transaction is $75 million.The completed restructuring represents almost two years of negotiations between the company, its advisors American Marine Advisors and Chanin Capital Partners and the company's two major Bond Holders Lehman Brothers and MacKay Shields.