3SBio issues clean-up call for zero-coupon convertibles due 2025

By Mary-Katherine Stinson

Lexington, Ky., July 26 – 3SBio Inc. issued a clean-up call for the remaining €1.4 million of its €320 million of zero-coupon convertible bonds due 2025 issued by Strategic International Group Ltd., according to a notice.

The company announced on July 26 that it intended to exercise its right to redeem all the existing convertibles as less than 10% of the principal amount originally issued remained outstanding.

The redemption date will be Aug. 28.

The clean-up call follows a recent put exercise on June 29, in which bondholders exercised their optional put rights to compel the company to repurchase a total of €287.6 million of the of the €289 million outstanding convertibles.

The convertibles are guaranteed by 3SBio.

3SBio is a Shenyang, China-based biotechnology company.

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