Chaowei Power calls all remaining 7.25% convertibles due 2017

By Marisa Wong

Morgantown, W.Va., Oct. 11 – Chaowei Power Holdings Ltd. announced it will redeem all of its outstanding dollar-settled 7.25% convertible bonds due 2017 on Nov. 11.

The bonds will be redeemed at the dollar-equivalent of their principal amount plus accrued interest.

The company said it is exercising its call option because the volume weighted average price of its shares for each of the 20 consecutive trading days prior to Oct. 7 was more than 130% of the conversion price in effect.

Bondholders may still exercise their conversion rights on or before Nov. 1.

As of Oct. 7, RMB 175 million, or roughly 27.65%, of the original RMB 633 million principal amount remains outstanding.

Based in Changxing, Zhejiang, China, Chaowei is a motive battery manufacturer operating in the electric bike market in China.

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