Lonking cuts conversion price of 0% convertibles due 2012, 2014

By Marisa Wong

Madison, Wis., Aug. 12 - Lonking Holdings Ltd. announced it adjusted the conversion price of its $287 million zero-coupon convertible bonds due 2012 and its $135 million zero-coupon convertible bonds due 2014.

The conversion price of the 2012 bonds was lowered to HK$4.51 from HK$4.62, and the conversion price of the 2014 bonds was lowered to HK$3.26 from HK$3.34. Both adjustments are effective retroactively to June 23.

The price adjustments are due to a final dividend payment for the year ended Dec. 31, 2010 made on June 23.

As of Aug. 12, the outstanding principal amount of the 2012 bonds is $3.34 million, and the outstanding principal amount of the 2014 bonds is $135 million.

Lonking is a construction machinery manufacturer based in Fujian, China.

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