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YiChang HEC pushes back partial repurchase date for 3% convertibles
By Marisa Wong
Los Angeles, Feb. 27 – YiChang HEC ChangJiang Pharmaceutical Co., Ltd. announced it revised the date of the second partial repurchase of its 3% H share convertible bonds.
The company will now repurchase $43,118,778 of the bonds for a total purchase price of $60 million on or before March 15.
In January, the company had agreed to make a partial repurchase of the bonds in two parts. The first part, $28,911,53 of the bonds for a total purchase price of $40 million, was to be completed by Jan. 31. The second part, for a total purchase price of $60 million, was scheduled to be done by Feb. 28.
The company originally issued $400 million of the bonds.
The pharmaceutical company is based in Yichang, China.
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