Far East Horizon adjusts conversion price for 2.5% bonds due 2025, 0% bonds due 2026

By William Gullotti

Buffalo, N.Y., June 24 – Far East Horizon Ltd. announced an adjustment to the conversion price of its $300 million 2.5% guaranteed convertible bonds due 2025 and its $250 million 0% guaranteed convertible bonds due 2026, according to a listing notice with the Stock Exchange of Hong Kong, Ltd. on Thursday.

The conversion price for the 2025 bonds will be adjusted to HK$7.58 per H share from HK$7.92 per H share previously. The maximum number of conversion shares that will be issued upon conversion of the outstanding 2025 convertible bonds is 306,740,105, representing an increase of 13,168,136 issuable shares.

The conversion price for the 2026 bonds will be adjusted to HK$9.76 per H share from HK$10.20 per H share previously. The maximum number of conversion shares that will be issued upon conversion of the outstanding 2024 convertible bonds is 198,806,352, representing an increase of 8,575,960 issuable shares.

The adjustment is the result of the shareholders having approved the payment of a cash dividend of HK$0.36 per share for the year ended Dec. 31, 2020 as announced June 9.

Both adjustments are effective June 30. Other terms for both series of convertibles are unchanged, the company noted.

Far East Horizon is a financial leasing unit of Sinochem Group, which is a Hong Kong-based business conglomerate with interests in agriculture, energy, chemicals, real estate and finance.

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