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Genertec Universal put exercised for $60 million of convertibles
By Mary-Katherine Stinson
Lexington, Ky., Feb. 22 – Genertec Universal Medical Development (BVI) Co., Ltd., a wholly owned subsidiary of Genertec Universal Medical Group Co. Ltd., received a put option exercise notice from CCP Leasing II Ltd. for $60 million in total principal of its guaranteed convertible bonds due 2026, according to a notice.
Each bondholder has the right to require the company to redeem the bonds at par plus accrued interest on the put option dates of March 25 or March 25, 2025.
As of Feb. 22, the total number of the company’s issued shares is 1,891,539,661.
Following redemption and cancellation of the put bonds, $90 million in principal will remain outstanding.
The maximum number of shares that will be issued upon conversion of all the outstanding convertible bonds is 114,809,852, representing 6.07% of the company’s issued share capital and 5.72% of the issued share capital as enlarged by the issuance of the conversion shares.
The medical equipment manufacturing subsidiary is based in Beijing.
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