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Haitong cuts conversion prices of 1.25% convertibles due 2018, 2019
By Marisa Wong
Madison, Wis., April 22 – Haitong International Securities Group Ltd. announced adjustments to the conversion prices of its 1.25% convertible bonds due 2018 and 1.25% convertible bonds due 2019.
The conversion price for the 2018 bonds will be lowered to HK$3.13 per share from HK$3.61 per share, and the conversion price for the 2019 bonds will be lowered to HK$5.21 per share from HK$6.00 per share.
The adjustments, which are due to a rights issue, are effective from April 23.
As of Wednesday, the outstanding principal amount of the 2018 bonds is HK$66 million, and the outstanding principal amount of the 2019 bonds is HK$199 million.
The Hong Kong financial services company originally issued HK$1,008,000,000 of the 2018 bonds and HK$1,164,000,000 of the 2019 bonds.
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