REXLot needs more time to redeem 6%, 4.5% convertibles

By Marisa Wong

Morgantown, W.Va., March 1 – REXLot Holdings Ltd. said it needs more time to complete signing and approval procedures in order to make payments for the redemption of its 6% convertible bonds due 2017 and 4.5% convertible bonds due 2019.

As disclosed on Feb. 14, holders had delivered put notices for HK$252,052,286 of the 6% bonds and HK$1,175,312,397 of the 4.5% bonds during the period from Dec. 28 to Jan. 28. The company planned to redeem the HK$1,452,639,000 of put bonds on Feb. 27 at par plus accrued interest. The remaining HK$3,677,448 of outstanding 6% bonds was set to mature on Feb. 28, 2017.

The company expects to complete the authorization and payment procedure "soon" and to effect the respective bonds payments by March 8, according to a company announcement on Wednesday.

The company said it has sufficient offshore financial resources to satisfy its repayment obligations under its bonds, and its board of directors confirmed that the delay does not have any material adverse impact on the group.

Based in Hong Kong, REXLot provides machines and services to the Chinese lottery market.

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