Lijun International cancels RMB 16 million zero-coupon convertibles

By Susanna Moon

Chicago, Dec. 14 - Lijun International Pharmaceutical (Holding) Co., Ltd. said it agreed to accept the RMB 16 million principal amount of zero-coupon convertibles bonds for cancellation at the consideration of HK$19,068,000.

Lijun said the consideration was agreed upon after "arm's length negotiations" between the company and bondholders with reference to the prevailing market conditions and bond terms.

The consideration will be settled in cash by means of bank borrowing, according to a press release.

After the cancellation, bondholders hold RMB 23 million principal amount of the outstanding bonds.

Lijun is a Hong Kong-based pharmaceutical manufacturer.

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