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Shunten buys back HK$90 million of 5% convertible bonds due 2021
By Susanna Moon
Chicago, Feb. 22 – Shunten International Ltd. said it purchased HK$90 million of its 5% convertible bonds due 2021.
Holders representing 51% of the outstanding principal amount of the 2017 convertibles have agreed to sell the convertibles to the company, according to a company announcement.
Holders of 51% of the convertibles have consented to amend the terms of the 2017 convertibles to allow for the purchase by the company of the 2017 convertibles on the open market or otherwise and at any price, provided it is not more than 130% of the principal amount purchased by the company.
The outstanding amount has been reduced to HK$165 million from HK$255 million as of Feb. 21.
The revised outstanding principal amount is convertible to 165 million new shares based on the conversion price of HK$1.00 per conversion share, the release noted.
Shunten International (Holdings) Ltd.’s common stock (Hong Kong: 0932) closed at HK$0.49 on Feb. 21.
Shunten International is a Hong Kong-based health care products distributor.
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