Hong Kong's ITC to extend maturity date of convertible notes to 2013

By Marisa Wong

Madison, Wis., Sept. 6 - ITC Corp. Ltd. announced that it plans to extend the term of its convertible notes due 2011. The company wants to extend the maturity date of the notes to Nov. 2, 2013 from Nov. 2, 2011.

The company previously requested agreement from noteholders to the extension. Holders were asked on Aug. 26 to notify the company in writing by Sept. 5. As of the deadline, holders of 81.8% of the outstanding principal amount of the notes agreed to the proposal.

The extension is still subject to stockholders approval. As a result, the extension will not become effective if the company does not obtain final approval by Nov. 2.

ITC is an investment holding company based in Hong Kong.

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