Rising Development’s floating-rate convertible bonds due 2016 putable

By Marisa Wong

Madison, Wis., Oct. 9 – Rising Development Holdings Ltd. announced that its HK$700 million outstanding three-month Hibor plus 550 basis point convertible bonds due 2016 are putable.

A put event occurred under the terms of the bonds, because the company’s closing share price during the 10-trading-day period from Sept. 23 to Oct. 8 exceeded HK$6.78, or 200% of the prevailing conversion price of HK$3.39, and the average daily share trading turnover during that period exceeded HK$30 million.

The company said it has the right to issue conversion shares to settle the redemption of all or a part of the outstanding convertible bonds during the 90-day period from the first anniversary of the issue date of the bonds.

The Hong Kong-based issuer manufactures and sells fur garments.

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