Zhongsheng to partially redeem HK$4.56 billion convertibles due 2025

By William Gullotti

Buffalo, N.Y., April 26 – Zhongsheng Group Holdings Ltd. will buy back some of its HK$4.56 billion zero coupon convertible bonds due 2025 on May 21 due to the exercise of bondholders’ put option, according to a company announcement on Wednesday.

The convertibles will be redeemed at 110.15, resulting in an aggregate settlement of HK$1,581,754,000 for the HK$1,436,000,000 aggregate amount of put bonds.

The convertibles will be immediately canceled upon repurchase, leaving HK$3,124,000,000 principal amount outstanding.

The outstanding convertibles have the rights to convert into 68,493,751 shares of the company at HK$45.61 per share, representing 2.85% of the total issued share capital of the company until the conversion price is adjusted.

Zhongsheng Group is an automobile dealership company based in Beijing.

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