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Haitong cuts conversion prices on two bonds, redeems some bonds
By Marisa Wong
Los Angeles, Oct. 25 – Haitong International Securities Group Ltd. announced reductions in the conversion prices of its 1.25% convertible bonds due 2019 and zero-coupon convertible bonds due 2021.
The conversion price for the 2019 bonds was lowered to HK$4.14 per share from HK$4.32 per share; and the conversion price for the 2021 bonds was lowered to HK$5.81 per share from HK$6.09 per share.
The adjustments, which are due to an interim dividend for the six months ended June 30, are effective from Oct. 25.
As of Oct. 25, the outstanding principal amount of the 2019 bonds is HK$137 million; and the outstanding principal amount of the 2021 bonds is HK$124 million.
According to a separate announcement, the company had redeemed a portion of the 2021 bonds on Oct. 25. Holders of HK$3,756,000,000 of the 2021 bonds exercised their put options. Those bonds were redeemed at 101.51, leaving HK$124 million principal amount outstanding.
The Hong Kong financial services company originally issued HK$1,164,000,000 of the 2019 bonds and HK$3.88 billion of the 2021 bonds.
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