China High Speed redeems remaining RMB 1.15 billion of convertibles

By Jennifer Chiou

New York, May 16 - China High Speed Transmission Equipment Group Co., Ltd. announced the full redemption of the remaining RMB 1.147 billion of its zero-coupon convertible bonds.

The company paid $192,935,793 for the securities, equal to the dollar equivalent of the bonds times 109.3443%.

The company noted that it used partial proceeds from a syndicated loan for the redemption.

As reported, the gear and wind power transmission equipment manufacturer based in Nanjing, Jiangsu, China bought back RMB 848.2 million of the bonds from Oct. 24, 2008 to Dec. 4, 2008 and converted RMB 1 million of the bonds into shares on Aug. 6, 2009.

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