China LotSynergy trims conversion price of 7.5% convertibles due 2019

By Marisa Wong

Morgantown, W.Va., Nov. 7 – China LotSynergy Holdings Ltd. announced it adjusted the conversion price of its 7.5% convertible bonds due 2019 to HK$0.24 per share from HK$0.288 per share, effective Nov. 7.

The average of the daily volume weighted average price of the company’s shares for the 20 consecutive trading days ending Nov. 7 was less than HK$0.20, triggering the price reset.

As of Tuesday, there is HK$175.95 million of the bonds outstanding. The company originally issued HK$650 million of 5% convertible bonds due 2019 and exchanged some of those bonds for new 7.5% bonds due 2019 under an exchange offer conducted in March 2017.

The Hong Kong company provides technology and services for lottery systems, terminal equipment, gaming products and gaming operations in China’s lottery market.

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