Angang Steel to redeem HK$58 million 0% convertibles due 2023 to satisfy investor put

By Rebecca Melvin

Concord, N.H., April 28 – Holders of Angang Steel Co. Ltd.’s HK$1.85 billion zero-coupon bonds due 2023 have exercised a put option on HK$58 million of the bonds, according to a company announcement.

The put notes will be settled for HK$59,317,295.71 in cash on May 25.

Immediately after the redemption, the amount of bonds outstanding will be HK$1,792,000,000, with the rights to convert into 271,104,387 H shares of the company, assuming the prevailing conversion price of HK$6.61 per H share.

The steel maker based in Anshan, China. Its parent company is Anshan Iron and Steel Group.

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