Rising Development cuts conversion price of floating-rate convertibles

By Marisa Wong

Madison, Wis., Dec. 18 – Rising Development Holdings Ltd. announced it adjusted the conversion price for its HK$700 million three-month Hibor plus 550 basis point convertible bonds due 2016.

The conversion price was lowered to HK$0.8475 from HK$3.39 due to a subdivision of shares.

Each share of Rising Development with par value HK$0.01 was subdivided into four shares of HK$0.0025 each.

The Hong Kong-based issuer manufactures and sells fur garments.

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