Sino Grandness buys back some convertibles, extends rest to June 2015

By Marisa Wong

Madison, Wis., Oct. 29 – Sino Grandness Food Industry Group Ltd. said it completed a partial repurchase of its 0% convertible bonds, reducing the total outstanding principal amount to RMB 80.5 million from RMB 100 million.

Following the repurchase, holders of all of the remaining convertible bonds, the company and wholly owned subsidiary Garden Fresh (HK) Fruit & Vegetable Beverage Co., Ltd. executed documents to extend the maturity date of the outstanding bonds to June 30, 2015 from Oct. 19, 2014.

The company had announced the planned extension and the repurchase earlier this month. According to the previous notice, the company planned to repurchase 19.5% of the outstanding principal amount for about RMB 37.9 million.

The convertible bonds were originally issued by Garden Fresh.

Based in Shenzhen, China, Sino Grandness is a manufacturer and distributor of bottled juices and canned fruits and vegetables.

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