Hang Lung Properties to redeem HK$562.5 million convertibles

New York, Feb. 19 - Hang Lung Properties Ltd. said it will redeem HK$562.5 million of its outstanding 3.4% guaranteed convertible bonds due 2007.

The Hong Kong property development and investment company said it is redeeming the bonds under the provisional call feature after its stock traded above the threshold level. The stock was required to close above 115% of the conversion price or HK$10.35 for 30 consecutive trading days.

The convertibles will be redeemed on March 27 at par plus accrued interest.

Up to March 18, holders can convert the bonds into stock. If all the securities are converted they will be exchanged for 62.5 million shares.

Hang Lung currently has HK$2.45 billion of the 3.4% convertibles outstanding. A further HK$562.5 million can be redeemed under the provisional call feature.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.