Fung Choi redeems RMB 18 million convertibles, plans to call remainder

By Angela McDaniels

Tacoma, Wash., Jan. 12 - Fung Choi Media Group Ltd. redeemed RMB 9 million of its dollar-settled zero-coupon convertible bonds due 2012 and RMB 9 million of its dollar-settled zero-coupon exchangeable bonds due 2012 on Jan. 11 and will redeem the remaining outstanding bonds by Feb. 27, according to a company news release.

The redemption price for the bonds redeemed on Jan. 11 was 126.25% of par.

The company used internal resources to fund the redemption.

For the upcoming redemption, the company will use a combination of internal resources and subsidiary Fung Choi Printing Ltd.'s HK$350 million one-year bridge loan, which was provided by Standard Chartered Bank (Hong Kong) Ltd.

The Hong Kong-based company originally issued RMB 190 million of the convertibles and RMB 190 million of the exchangeables.

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