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Sino Biopharmaceutical to redeem €487.58 million of 0% convertibles
By Mary-Katherine Stinson
Lexington, Ky., Jan. 19 – Sino Biopharmaceutical Ltd. on Jan. 17 received optional put exercise notices to redeem €487,582,000 in principal of its €750 million 0% convertible bonds due 2025, according to a notice.
On Feb. 17, bondholders will have the right to require the issuer to redeem all or some of their bonds at par.
This represents about 99.6% of the outstanding principal amount of the bonds.
The redemption will be funded by the company’s internal resources. The company also reported it has cash and bank balances of RMB 11 billion as of Dec. 31, which is sufficient to fund the redemption.
After redemption, €2.15 million will remain outstanding.
Hong Kong-based Sino Biopharmaceutical is an investment holding company, which engages in the manufacture and sale of pharmaceutical products.
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