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Country Garden repurchases RMB 110 million more 2.5% convertibles
By Jennifer Chiou
New York, May 5 - Country Garden Holdings Co. Ltd. announced the further buyback of RMB 110 million of its dollar-settled 2.5% convertible bonds due 2013 via an over-the-counter market transaction on Wednesday.
The bonds will be canceled after settling on May 10, leaving RMB 2,547,500,000 principal amount outstanding.
On May 4, the company said it repurchased RMB 485.8 million of the securities, with settlement to occur on May 7.
As previously reported, the company expected to settle the repurchase of RMB 390 million of the convertibles on May 3, and it repurchased RMB 780.7 million of the convertibles in a tender offer that ended April 13.
Country Garden is a Hong Kong-based property developer.
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