China Leon Inspection proposing changing currency of convertible bonds

By Wendy Van Sickle

Columbus, Ohio, June 26 – China Leon Inspection Holding Ltd. is proposing several amendments to its convertible bonds, including changing the currency of denomination, such that the principal amount would be changed to $6,410,256 from HK$50 million, according to a company announcement.

The new principal amount would be based on an exchange rate of HK$7.80 to $1.00. The currency of payment for all future obligations would also become U.S. dollars, and the conversion price would be changed to $0.173 with an agreed exchange rate of HK$7.80 to $1.00.

The denomination of the outstanding principal amount when a bondholder requests early redemption or transfer would be changed to $200,000 from HK$1 million or any integral multiples thereof.

The convertibles were issued in 2021.

Based in Beijing, the company offers inspection and testing services for energy and commodity fields, including coal, petroleum, petrochemical, electricity and bulk minerals.

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