Bonds sold to fund start-up capital for property development project
By Devika Patel
Knoxville, Tenn., Dec. 20 - China Metro-Rural Holdings Ltd. said it sold $15 million of 10% convertible bonds due 2016 in a private placement, according to a 6-K filing with the Securities and Exchange Commission.
Each bond is convertible into ordinary shares at $1.30 per share, a 34.02% premium to the Dec. 19 closing share price of $0.97. The bonds may be put after 18 months.
Cheng Chung Hing invested $5 million.
Proceeds will be used as start-up capital for a property development project in Zhoukou City, China.
Based in Kowloon, Hong Kong, China Metro-Rural is a developer and operator of integrated agricultural logistics and trade centers.
| Issuer: | China Metro-Rural Holdings Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | $15 million
|
| Maturity: | 2016
|
| Coupon: | 10%
|
| Conversion price: | $1.30
|
| Put: | After 18 months
|
| Warrants: | No
|
| Investor: | Cheng Chung Hing (for $5 million)
|
| Settlement date: | Dec. 20
|
| Stock symbol: | NYSE: CNR
|
| Stock price: | $0.97 at close Dec. 19
|
| Market capitalization: | $71.31 million
|
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