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Clear Media holders put all zero-coupon convertibles
By Angela McDaniels
Tacoma, Wash., Sept. 9 - Clear Media Ltd. said all of its outstanding zero-coupon convertible bonds due 2009 were put back to the company.
Holders had until Monday to put their bonds. Payment will be made on or before Sept. 22, according to a company news release.
The company issued HK$312 million of the bonds in 2004, of which HK$90 million was outstanding prior to the put.
The bonds became putable because of the July 31 merger between Channel Communications, Inc. - Clear Media's largest shareholder - with a corporation formed by private equity funds co-led by Bain Capital Partners LLC and Thomas H. Lee Partners LP, according to a prior news release.
The bonds were convertible into common shares for HK$9.585 a share. The company's stock closed at HK$5.00 on Monday.
Bank of New York Mellon (44 1202 689596/689593 or e-mail its.puts.and.calls@bnymellon.com; attn.: corporate trust services) was the paying agent.
Clear Media is a Hong Kong advertising company.
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