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Country Garden buys back RMB 485.8 million of 2.5% convertibles
By Angela McDaniels
Tacoma, Wash., May 4 - Country Garden Holdings Co. Ltd. repurchased RMB 485.8 million of its dollar-settled 2.5% convertible bonds due 2013 in an over-the-counter market transaction on May 4, according to a company news release.
The settlement of the repurchased bonds will occur on May 7. The bonds will be canceled, leaving RMB 2,657,500,000 principal amount outstanding.
As previously reported, the company expected to settle the repurchase of RMB 390 million of the convertibles on May 3, and it repurchased RMB 780.7 million of the convertibles in a tender offer that ended April 13.
Country Garden is a Hong Kong-based property developer.
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