Shangri-La Asia calls 0% convertibles

By Susanna Moon

Chicago, Nov. 26 - Shangri-La Asia Ltd. said it will redeem all of its outstanding five-year zero-coupon convertible bonds.

The redemption date is Dec. 28. About $3 million of the convertibles, representing 1.5% of the $200 million amount issued, remain outstanding.

Under terms of the issue, the convertibles are callable if the outstanding principal amount of the bonds is less than 10% of the amount issued.

The conversion price is HK$9.25 per share. The company's stock (Hong Kong: 0069) closed at HK$22.15 on Nov. 26.

Trading in the convertibles will stop at 3 a.m. ET on Dec. 21.

All conversion notices must be lodged in duplicate with the principal agent, Hongkong and Shanghai Banking Corp. Ltd., by 4 a.m. ET on Dec. 17.

Shangri-La Finance Ltd., subsidiary of Shangri-La Asia, is the bond issuer.

Shangri-La Asia is a Hong Kong luxury hotel company.

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