Mingfa holders put HK$1.38 billion of 5.25% convertibles due 2016

By Marisa Wong

Madison, Wis., June 28 - Mingfa Group (International) Co. Ltd. said that holders of HK$1,379,000,000 of its 5.25% convertible bonds due 2016 exercised their put options. The company redeemed all of the put bonds on June 23.

The bonds were redeemed at a price of 109.97 plus accrued interest to the put option date. The applicable premium totaled HK$137,486,300, and accrued interest came to HK$6,033,12.

The company paid a total of HK$1,522,519,425 using internal resources and bank loans.

The company said it believes the redemption will have no material impact on its financial position.

Following cancellation of the redeemed bonds, the principal amount remaining outstanding is HK$11 million.

Mingfa originally issued HK$1.56 billion of the bonds in May 2011.

The property developer is based in Hong Kong.

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