Shenzhen International calls zero-coupon convertibles

By Susanna Moon

Chicago, Sept. 4 - Shenzhen International Holdings Ltd. said it would redeem all its outstanding zero-coupon convertible bonds due 2011.

As of Sept. 3, the outstanding amount of the bonds was HK$20 million, representing 3.33% of the total bond issue. Shenzhen issued HK$600 million of the convertibles on Jan. 24, 2006.

The company said it would pay HK$21.3 million, or 106.52% of the principal amount, for the convertibles on the redemption date of Oct. 5.

Investors may convert their holdings until Sept. 24, the last day of trading for the convertibles on the Hong Kong stock exchange. The conversion price is HK$0.341.

The company's stock (Hong Kong: 152) last closed at HK$0.88 per share, according to a press release.

The redemption will be financed by internal funding.

The Bank of New York is the principal agent.

Shenzhen is a logistics and transportation company based in Kowloon, Hong Kong.

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