China Green sets redemption date for 7%, 10% convertibles at Aug. 18

By Susanna Moon

Chicago, Aug. 15 – China Green (Holdings) Ltd. set the redemption date at Aug. 18 for its RMB 515.28 million 7% secured convertible bonds and RMB 515.28 million 10% secured convertible bonds.

China Green issued 5.75 billion of shares in a placement on Aug. 12, with proceeds to be used for the redemption, according to a company notice.

The company said on Aug. 12 that it had raised HK$575 million from the stock sale and planned to use HK$530 million to redeem bonds and pay accrued interest with remaining proceeds slated for general working capital.

As previously announced, the stock placement and the redemption of the 7% and 10% convertibles are conditions to an issue of 12% convertible notes due 2017 and the related loan restructuring arranged in May and approved by shareholders in July.

As announced on June 17, the company had secured a standstill agreement with holders of the convertibles until Aug. 31.

The company paid 25% of the par amount of each series of convertibles on June 22.

China Green previously said that it was unable to pay the principal amount of the convertibles at their maturity on April 12.

China Green is a Hong Kong-based produce farmer and processor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.