Hong Kong Exchanges to cut conversion price of 0.5% convertible bonds

By Marisa Wong

Madison, Wis., Feb. 26 - Hong Kong Exchanges and Clearing Ltd.'s wholly owned subsidiary, HKEx International Ltd., said it will lower the conversion price of its $500 million 0.5% guaranteed convertible bonds due 2017 to HK$157.62 per share from HK$160 per share, effective April 26.

The conversion price adjustment is due to a final dividend payment for the year ended Dec. 31 recommended by the company's board of directors. The record date for the final dividend is April 26.

The dividend payment of HK$1.72 is subject to shareholders' approval at an upcoming general meeting.

As of Feb. 25, the total outstanding principal amount of the convertible bonds is $500 million.

HKEx International issued the bonds in October 2012 with its parent company as the guarantor.

Hong Kong Exchanges is a securities market operator.

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