China Maple holders put all $125 million 2.25% convertibles due 2026

By Marisa Wong

Los Angeles, Aug. 1 – China Maple Leaf Educational Systems Ltd. announced it has received put notices for all $125 million of its outstanding 2.25% convertible bonds due 2026 as of Aug. 1.

The company said it is “actively monitoring the development and liaising with relevant bondholders and the trustee in relation to the relevant event redemption notices” and that it will make further announcements on the matter.

On June 1, the company had given notice that holders could require the company to redeem all or a portion of their bonds.

The put exercise period expired on July 31.

The relevant redemption date is Aug. 14.

The bonds were putable because a relevant event under the conditions of the bonds occurred on May 23. Specifically, the company’s shares had been suspended from trading for a period of at least 14 consecutive trading days.

Trading of the company’s shares and debt securities on the Hong Kong stock exchange had been suspended since May 3 and remains suspended.

China Maple Leaf is a China-based independent international school system.

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