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Delong Holdings calls $47.81 million of 0% convertibles due 2012
By Marisa Wong
Madison, Wis., Dec. 15 - Delong Holdings Ltd. said that it will redeem up to $47,811,727 principal amount of its RMB 1.53 billion zero-coupon convertible bonds due 2012 on Dec. 20.
The dollar-equivalent amount to be redeemed will be adjusted downwards such that the total principal amount in renminbi is rounded to the nearest multiple of RMB 100,000. The renminbi/dollar rate will be calculated on Dec. 17.
The bonds will be redeemed at par less the mandatory redemption discount, plus accrued interest.
Delong said that because the bonds will be redeemed before Dec. 31, the mandatory redemption discount will be 20%.
Delong is a Beijing-based steel manufacturing and trading group.
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