Green Leader extends maturity for HK$395 million convertibles due 2022

By William Gullotti

Buffalo, N.Y., April 24 – Green Leader Holdings Group Ltd. reported entering into amendment deeds with two related parties of its executive director to extend the maturity of their combined HK$395 million outstanding 0% convertible notes due Oct. 20, 2022, according to a company announcement on Wednesday.

Both related parties are major company shareholders, together holding 100% of the overdue issue.

The notes were not redeemed or converted at maturity due to insufficient company resources. Green Leader reported that it had HK$101.43 million of cash and cash equivalents as of Dec. 31, 2023, further indicating that it was impractical to secure third-party financing to redeem the notes.

The maturity date will be extended to a date that is two years after the date the company satisfies certain conditions for the extension, subject to a longstop date initially set for June 30. The maturity extension would not affect any other terms of the convertibles.

Green Leader is a Hong Kong-based investment holding company mainly involved in IT and mining businesses.

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