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Delong Holdings calculates remaining 0% convertibles to be redeemed
By Marisa Wong
Madison, Wis., Dec. 17 - Delong Holdings Ltd. said that it will redeem the outstanding $46,431,306.59 of its RMB 1.53 billion zero-coupon convertible bonds due 2012 on Dec. 20.
The dollar-equivalent amount to be redeemed was adjusted downward from the previously announced $47,811,727 principal amount.
The reniminbi/dollar rate was calculated on Friday to be RMB 6.6593 per dollar. Based on the prevailing rate, the total principal amount to be redeemed would be RMB 386.5 million.
As previously reported, the bonds will be redeemed at par less a mandatory redemption discount of 20% plus accrued interest. After deducting the mandatory redemption discount, the total amount of the convertibles to be redeemed is RMB 309.2 million, or $46,431,306.59.
After the redemption and cancellation there will be no bonds outstanding.
Delong is a Beijing-based steel manufacturing and trading group.
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