Smart Insight trims conversion price on convertibles due 2023

By Taylor Fox

New York, Sept. 16 – Smart Insight International Ltd., a wholly owned subsidiary of Country Garden Holdings. Co, Ltd., reduced the conversion price for its HK$7.83 billion 4.5% secured guaranteed convertible bonds due 2023 to HK$11.15 per share from HK$11.43 per share, according to a notice.

Based on the total outstanding bonds, the maximum number of shares that will be issued upon conversion at the existing conversion price and the adjusted conversion price are 685,039,370 shares and 702,242,152 shares, respectively.

The adjustment is due to an interim dividend that will be paid on Nov. 6.

The new price will be effective from Sept. 16.

Under the adjustment, the strike price of the written call options will be adjusted to HK$15.86 from HK$16.26 per written call option and the total number of written call options will be adjusted to 702,242,115 from 685,039,328.

The strike price of the purchased call options will be adjusted to HK$11.15 from HK$11.43 per purchased call option.

The bonds were originally issued by Smart Insight International and are guaranteed by Country Garden.

Country Garden is a Foshan, China, real estate developer.

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