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Shui On Land holders put RMB 2.21 billion of 4.5% convertible bonds
By Marisa Wong
Madison, Wis., Sept. 3 - Shui On Land Ltd. said holders of its dollar-settled 4.5% convertible bonds due 2015 exercised their put options for RMB 2,206,500,000 of the bonds.
The put bonds will be redeemed on Sept. 29 at par plus accrued interest. The total redemption price will be about RMB 2,256,146,250, including RMB 49,646,250 of interest.
Funding for the redemption will come from internal resources, the company said.
Following cancellation of the redeemed bonds on Sept. 30, RMB 433.5 million of the original RMB 2.72 billion principal amount will remain outstanding.
On July 18 company repurchased RMB 80 million of the convertibles through a market transaction, as previously reported.
Shui On Land is a Hong Kong-based property development company.
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