Xtep International trims conversion price on $500 million convertibles

By Mary-Katherine Stinson

Lexington, Ky., June 20 – Xtep International Holdings Ltd. announced a reset of the conversion price of its $500 million convertible bonds under general mandate and issued Sept. 9, 2021, according to a company notice.

The conversion price has been lowered to HK$10.0175 from HK$10.244 effective June 30.

The adjustment is a result of the upcoming payment of an interim dividend of HK$11.5 cents per share and a final dividend payment of HK$13.5 cents per share.

As of June 30, the total outstanding principal is HK$506,780,421 including the quarterly accrued interest of 1.8% annually accrued up to June 30 and payable in kind as additional principal.

Xtep is a China-based professional sports brand.

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