Sino-Ocean Land buys back $286 million of perpetual convertible bonds

By Marisa Wong

Madison, Wis., June 24 - Sino-Ocean Land Capital Finance Ltd. announced that it repurchased $286 million of its perpetual subordinated convertible securities callable 2015 through a market transaction on June 21.

The company purchased the convertibles at 102.5 plus accrued interest.

Settlement is expected to take place by June 28.

Following cancellation of the repurchased securities, the principal amount remaining outstanding will be $614 million.

Sino-Ocean issued $900 million of the perpetual convertibles in July 2010.

Incorporated in the British Virgin Islands, Sino-Ocean Land Capital Finance is a subsidiary of Hong Kong-based property company Sino-Ocean Land Holdings Ltd.

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