YiChang HEC lowers buyback price of 3% convertibles, extends date

By William Gullotti

Buffalo, N.Y., June 30 – YiChang HEC ChangJiang Pharmaceutical Co., Ltd. announced revisions and results of its March 9 third partial repurchase of 3% H share convertible bonds in a notice on Friday.

As previously reported, the buyback had been determined via arm’s length negotiation between the company and sellers and will take place in two parts.

YiChang HEC had 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 first repurchase has been completed; however the new supplemental agreement revises the second part of the plan.

The purchase price was lowered to $263,191,332 from $278,191,332, and the repurchase date was pushed out to July 5 from June 30.

As previously reported, the company originally issued $400 million of the bonds. Upon completion of the revised agreement, the series will be repurchased in full.

The pharmaceutical company is based in Yichang, China.

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