Lonking cuts conversion price of zero-coupon convertibles due 2014

By Marisa Wong

Madison, Wis., May 7 - Lonking Holdings Ltd. adjusted the conversion price of its $135 million zero-coupon convertible bonds due 2014, according to a company announcement on Monday.

The conversion price was lowered to HK$3.20 from HK$3.26, effective retroactively to Oct. 7, 2011.

The price adjustment is due to an interim dividend payment made on Oct. 7, 2011.

As of May 7, the outstanding principal amount of the bonds is $135 million. Following the adjustment, the maximum number of shares issuable upon full conversion of the outstanding bonds is 326,961,563.

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

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