Huafeng seeks to extend convertibles, cut coupon and conversion price

By Marisa Wong

Madison, Wis., March 5 - Huafeng Group Holdings Ltd. has proposed to amend its first and second tranches of three-year convertible bonds issued in 2010.

Huafeng wants to extend the maturity of both tranches to Feb. 11, 2016.

The company is also proposing to change the interest rate of the bonds to 0% from 1% and reduce the conversion price to HK$0.18 from HK$0.28.

The amendments are subject to approval from bondholders and shareholders at a bondholder meeting and a general meeting, respectively.

Huafeng is a Hong Kong-based textile company.

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