Lonking buys back $3 million of zero-coupon convertibles due 2014

By Marisa Wong

Madison, Wis., Dec. 7 - Lonking Holdings Ltd. announced it repurchased $3 million of its zero-coupon convertible bonds due 2014 through an over-the-counter market transaction on Dec. 6.

Lonking said it paid a total of $3,705,060 for the convertible bonds.

The repurchase amount represented 72.29% of the $4.15 million outstanding principal amount of the bonds.

The company originally issued $135 million of the convertibles in August 2009. The company repurchased $5.19 million of the bonds in July, and holders put back $125.66 million in August.

Lonking is a construction machinery manufacturer based in Fujian, China.

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