China Automotive redeems all remaining five-year convertibles due 2013

Company redeems $23.6 million of notes for $32.4 million

By Tali David

Minneapolis, May 29 - China Automotive Systems, Inc. redeemed all of its senior convertible notes due Feb. 15, 2013, according to a press release.

The $23.6 million of notes were redeemed on May 25 for a total negotiated redemption price of $32.4 million, which includes principal, accrued interest and a make-whole amount.

The company sold $35 million of the notes in a private placement in February 2008.

China Automotive is a power steering components and systems supplier based in Wuhan, China.

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