CDC raises repurchases of 3.75% convertible notes to $125.8 million

New York, May 11 - CDC Corp. announced additional buybacks of its 3.75% senior exchangeable convertible notes due 2011, raising the total to $125.8 million.

The repurchases now account for 75% of the original $168 million principal amount of the notes.

All 11 holders have agreed to sell back at least some of their notes and two still own some of the debt.

Some of the transactions have still to close but all are expected to do so by Aug. 15.

CDC said the repurchases have been on average at prices below par and the company added that it will save $39.3 million in future principal and interest expense based on the November put date.

"We are very pleased to have reached an agreement with our last remaining convertible debenture holder," said Peter Yip, chief executive officer of CDC, in a news release. "We have now reached an amicable agreement with all 11 of our holders for all or part of their respective holdings. We hope to continue to work with the two holders that have a remaining position, and reach resolution shortly."

CDC is a Hong Kong and Atlanta-based enterprise software and new media company.

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