ICBC to redeem convertible bonds; stock price triggers call option

By Marisa Wong

Madison, Wis., Dec. 30 – Industrial and Commercial Bank of China Ltd. said it is planning an early redemption of its convertible bonds.

The issuer said that the redemption clause of the bonds has been triggered, because the closing prices of its A shares from Nov. 19 to Dec. 30 have been at least 130% of the prevailing conversion price for at least 15 out of 30 consecutive trading days.

The conversion price is RMB 3.27 per share.

The redemption is subject to China Banking Regulatory Commission approval.

The Beijing bank issued RMB 25 billion of the six-year convertible bonds in August 2010.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.