Lonking holders put $125.66 million zero-coupon convertibles due 2014

By Marisa Wong

Madison, Wis., Aug. 24 - Lonking Holdings Ltd. said that holders of $125.66 million of its zero-coupon convertible bonds due 2014 exercised their put option on Aug. 6.

Lonking redeemed the $125.66 million of put bonds on Aug. 24 at 124.718.

The company previously purchased $5.19 million, or 3.84%, of the original $135 million principal amount. Those bonds were purchased at 124, for a total purchase price of $6,435,600, in an over-the-counter market transaction on July 6.

Following Friday's redemption, the outstanding principal amount of the convertible bonds is $4.15 million.

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

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