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Country Garden holders put RMB 522.6 million of 2.5% convertibles
By Marisa Wong
Madison, Wis., Jan. 24 - Country Garden Holdings Co. Ltd. said that holders of its dollar-settled 2.5% convertible bonds due 2013 have decided to exercise their put option for RMB 522.6 million, or about 40.1%, of the RMB 1,303,600,000 of outstanding bonds.
The redemption price will be $89 million, which is the dollar equivalent of 111.997% of the principal amount in renminbi.
Following the redemption of the put bonds on Feb. 22, RMB 781 million of the bonds will remain outstanding.
As previously reported, the company repurchased of RMB 60 million of the bonds on Sept. 27, RMB 90 million on Sept. 15, RMB 75 million on Sept. 14, RMB 449.5 million on Aug. 25, RMB 35 million on July 21, 2010, RMB 120 million on May 25, 2010, RMB 214.4 million on May 24, 2010, RMB 200 million on May 6, 2010, RMB 110 million on May 5, 2010, RMB 485.8 million on May 4, 2010 and RMB 390 million on April 28, 2010.
The latest redemption will be funded with proceeds from the company's issue of senior notes in 2010.
Country Garden is a Hong Kong-based property developer.
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