YiChang HEC reports repurchase terms for 3% convertibles

By William Gullotti

Buffalo, N.Y., March 9 – YiChang HEC ChangJiang Pharmaceutical Co., Ltd. finalized an agreement on Thursday for its third partial repurchase of its 3% H share convertible bonds, according to a notice.

The partial buyback, determined via arm’s length negotiation between the company and sellers, will take place in two parts.

YiChang HEC agreed to purchase $38,547,623 principal amount from the sellers for a total purchase price of $54,075,477 on or before April 3 and $194,161,057 principal amount for a total purchase price of $278,191,332 on or before June 30.

The company originally issued $400 million of the bonds. Upon completion of the latest partial repurchase, the series will be repurchased in full.

The pharmaceutical company is based in Yichang, China.

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