China Power holders convert all remaining 2.25% convertible bonds

By Marisa Wong

Madison, Wis., June 19 – China Power International Development Ltd. said no redemption of its dollar-settled 2.25% convertible bonds due 2016 will be carried out.

On May 19, the company announced that it would redeem all of its outstanding 2.25% convertibles on June 19.

However, following the redemption announcement bondholders converted all of the RMB 415.2 million of outstanding bonds.

The company said it issued and allotted a total of 277,786,114 ordinary shares to holders during the period from May 21 to June 9.

The bonds were converted at HK$1.91 per share or, following the previously announced adjustment on June 5, HK$1.75 per share.

Hong Kong-based China Power’s principal business is to develop, construct, own, operate and manage large power plants in mainland China. The company originally issued RMB 982 million of the convertibles.

© 2015 Prospect News.
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