China-based Gemdale redeems some 7 1/8%, 5 5/8% bonds, no 9.15% bonds

By Marisa Wong

Madison, Wis., March 7 - Gemdale International Holding Ltd. said that it did not redeem any of its 9.15% bonds due 2015 on Friday, the scheduled put settlement date.

As announced on Jan. 22, holders of the 9.15% bonds had the option of putting their bonds at a price of 101. The put option was exercisable until Feb. 21.

The principal amount of 9.15% bonds that remains outstanding is the original RBM 1.2 billion.

Gemdale had also announced on Jan. 22 that Gemdale International Investment Ltd.'s $350 million 7 1/8% bonds due 2017 and Gemdale (Asia) Holding Ltd.'s RMB 2 billion 5 5/8% bonds due 2018 were putable until Feb. 21.

Gemdale said on Friday that holders had put and the issuer redeemed $65,716,000 of the 7 1/8% bonds, leaving $284,284,000 principal amount outstanding, and RMB 1,676,110,000 of the 5 5/8% bonds, leaving RMB 323.89 million principal amount outstanding.

As noted before, Gemdale's substantial shareholder ceased to be the largest shareholder. This constituted a relevant event under the terms and conditions of all three issues, triggering the redemption.

Gemdale is a Shenzhen, China-based real estate developer.

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