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Hong Kong's Clear Media says its 0% notes due 2009 are putable
By Susanna Moon
Chicago, Aug. 12 - Clear Media Ltd. said investors may put their zero-coupon convertible notes due 2009 on Sept. 22.
The redemption price is HK$11,671.57 per each HK$10,000 principal amount of the notes.
As of Aug. 7, HK$90 million principal amount was outstanding.
The notes are putable, according to a press release, because of the July 31 merger between Channel Communications, Inc. with a subsidiary of CC Media Holdings, Inc., a corporation formed by private equity funds co-led by Bain Capital Partners LLC and Thomas H. Lee Partners LP.
The notes are convertible into common shares at HK$9.585. The company's stock closed at HK$5.30 on Aug. 7.
Bank of New York Mellon (44 1202 689596/689593 or e-mail its.puts.and.calls@bnymellon.com; attn.: corporate trust services) is the paying agent.
The Hong Kong advertising company issued HK$312 million of the bonds on Oct. 27, 2004.
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