NWS Holdings to redeem zero-coupon convertibles due 2009

By Jennifer Chiou

New York, Jan. 30 - NWS Holdings Ltd. announced the redemption of its HK$144 million zero-coupon guaranteed convertible bonds due 2009 on March 10.

The company will pay HK$141,926,400, which is 98.56% of the principal amount of bonds.

Holders may convert their notes before Feb. 22, when the bonds will no longer trade on the Stock Exchange of Hong Kong, through Euroclear and Clearstream. The conversion price is HK$13.18.

NWS shares closed at HK$17.56 per share on Jan. 30. The company said that the bonds are redeemable after its stock closes above at least 120% of the conversion price per share for 20 of any 30 consecutive trading days.

NWS is a diversified Hong Kong-based company.

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