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China Hongqiao cuts conversion price of 5% convertibles due 2022
By Marisa Wong
Morgantown, W.Va., Feb. 7 – China Hongqiao Group Ltd. said it adjusted the conversion price of its $320 million 5% convertible bonds due 2022.
The conversion price was lowered to HK$7.71 per share from HK$8.16 per share, effective Feb. 7.
The adjustment is due to the declaration of a final dividend for the year ended Dec. 31, 2016 of HK$0.27 per share and a special dividend of HK$0.20 per share to holders of record as of Feb. 6.
As of Wednesday, a total of $73.6 million of the bonds have been converted into the company’s stock.
China Hongqiao is an aluminum products manufacturer based in Zouping County, China.
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