Xtep International clips conversion price on convertible bonds

Chicago, Nov. 1 – Xtep International Holdings Ltd. cut the conversion price on its HK$500 million convertible bonds, according to a news release.

The new conversion price will be HK$9.913 from HK$10.0175.

The board is paying an interim dividend of HK$0.13 per share for the six months ended June 30, necessitating the adjustment.

As of Oct. 31, the total outstanding principal is HK$509,060,933 including the quarterly accrued interest of 1.8% annually and payable in kind as additional principal.

Xtep is a China-based professional sports brand.

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