Apollo Future Mobility updates redemption of two convertible bonds

By Mary-Katherine Stinson

Lexington, Ky., Oct. 10 – Apollo Future Mobility Group Ltd. and its subsidiaries gave an update on the planned redemption of two series of convertible bonds, according to a notice.

As previously reported, the redemption concerns the 9% convertible bonds due 2024, which are comprised of convertible bonds A, of which HK$78 million is outstanding, and convertible bonds B, of which HK$85.8 billion is outstanding.

The convertible bonds A will be redeemed at par on Oct. 18, while the convertible bonds B were set to be redeemed at par on Oct. 4.

As of Oct. 9, the company has fully repaid the outstanding principal amount of HK$35.1 million under convertible bonds B and the interest accrued to subscriber A; subscriber B has agreed to extend the early redemption date of HK$35.1 million of the bonds to April 4, 2024; and the company currently is in negotiation with subscriber C as to a possible extension of the redemption of HK$15.6 million of the bonds.

Also as of Oct. 9, the company announced that the subscriber has agreed to extend the early redemption date of the convertible bonds A to Jan. 17, 2024.

As previously reported, the terms of the convertible bonds A dictated that the maturity date will be on Oct. 17, 2024 or, if the holder has notified the company of a change of maturity, Oct. 17, 2023.

Similarly, the terms of the convertible bonds B dictated that the maturity date will be on Oct. 4, 2024 or, if the holder has notified the company of a change of maturity, Oct. 4, 2023.

The early redemption amount, totaling about HK$171.2 million including accrued interest, will be satisfied by internal resources of the group and/or external financings if necessary.

The convertible bonds A were originally issued on Sept. 9, 2021, and the convertible bonds B were issued on Sept. 13, 2021.

Apollo Future Mobility is a Hong Kong-based luxury mobility technology company focused on electrification of vehicles, connected and autonomous vehicles and mobility-as-a-service.

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