MeiDong Auto’s Sail Vantage buys back 11.45% of convertibles due 2027

By Marisa Wong

Los Angeles, Jan. 24 – Sail Vantage Ltd. announced it repurchased an aggregate of HK$315 million, or about 11.45%, of its HK$2.75 billion 0% five-year convertible bonds guaranteed by China MeiDong Auto Holdings Ltd.

The bonds were repurchased on Jan. 24 and will be canceled.

After cancellation, the aggregate outstanding principal amount of the bonds will be HK$2,425,000,000, taking into account HK$10 million of the bonds that had been converted previously.

The remaining bonds will have rights to convert into 54,180,016 shares based on the prevailing conversion price of HK$44.7582 per share.

The company said it believes the buyback will not have any material adverse effect on its financial position.

Sail Vantage is a wholly owned subsidiary of China MeiDong Auto, a Donguan, China-based investment holding company primarily involved in automobile dealerships and parts manufacturing.

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