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ESR Group issues clean-up call for remaining 2025 convertible bonds
By Mary-Katherine Stinson
Lexington, Ky., Oct. 4 – ESR Group Ltd.’s issued a clean-up call for the company’s $600,000 remaining 1.5% convertible bonds due 2025 (ISIN: XS2230649654), according to a notice.
The bonds will be redeemed on Nov. 3 at par plus accrued interest.
The issuer is permitted to call the bonds in full anytime if at least 90% of the aggregate principal amount of the bonds originally issued have already been converted, redeemed or purchased and canceled.
As previously reported, on Sept. 29, holders of $348.6 million of the bonds, or 99.6%, exercised their put option, leaving 0.17%, of the original issuance outstanding.
The remaining bonds will be canceled after the redemption and there will be no bonds outstanding.
DB Trustees (Hong Kong) Ltd. is the trustee.
ESR is an Asia-focused real estate company based in Hong Kong.
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