China Logistics, JD Property announce offer prices for 2024, 2025 convertible bonds

By Rebecca Melvin

Concord, N.H., Jan. 28 – China Logistics Property Holdings Co., Ltd. and JD Property Group Corp. announced the mandatory conditional cash offers to convert China Logistics’ 2024 bonds and 2025 bonds into shares pursuant to completion of JD Property’s purchase of about 37% of the issued share capital of China Logistics, according to a joint news release on Friday.

JD Property purchased the additional shares for HK$4.35 per share.

Under the convertible offers, for every HK$1 million face value of the 2024 bonds, holders are being offered HK$1,449,998.55 in cash (333,333 shares for every HK$1 million face value multiplied by the share offer price); and for every HK$1 million face value of the 2025 bonds, holders are being offered HK$1,407,764.40 cash (323,624 shares per HK$1 million face value times the offer price).

The convertible bond offers are conditional on the share offer, which will result in JD Property holding more than 50% of the voting rights of the company.

In conjunction with the transaction, JD Property manager Hu Wei has been appointed China Logistics’ chief executive officer, effective Jan. 28.

Incorporated in the Cayman Islands, China Logistics Property develops and leases storage facilities and provides related management services in China.

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