Hong Kong’s ESR Group buys back, converts part of 2025 bonds

By Mary-Katherine Stinson

Lexington, Ky., Sept. 29 – ESR Group Ltd.’s bondholders exercised their put option for a portion of the company’s 1.5% convertible bonds due 2025 (ISIN: XS2230649654), according to a company announcement.

Holders of $348.6 million of the bonds, or about 99.6%, exercised their put option. The bonds were redeemed on Sept. 29 and subsequently canceled.

The group received a conversion notice from a bondholder for $800,000 of the bonds, which were converted to 196,150 conversion shares and issued to the bondholder on Sept. 19.

Following the redemption and the conversion, the aggregate principal amount of the bonds which remains outstanding is $600,000, or approximately 0.17%, of the original issuance.

DB Trustees (Hong Kong) Ltd. is the trustee.

ESR is an Asia-focused real estate company based in Hong Kong.

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