China Molybdenum to redeem convertibles in full on July 16 at 103

By Marisa Wong

Madison, Wis., June 24 – China Molybdenum Co., Ltd. will redeem its outstanding A share convertible corporate bonds due 2020 at RMB 103 per RMB 100 bond, including interest for the current period, according to a company notice.

All bonds outstanding as of the record date on July 9 will be redeemed. The redemption payment date is July 16.

The company’s board of directors voted unanimously in favor of the early redemption at its meeting on Tuesday, as previously reported.

The bonds are callable because the company’s stock closed at or above 130% of the current conversion price of RMB 8.78 per share.

China Molybdenum issued RMB 4.9 billion of the bonds in December 2014.

The molybdenum and tungsten producer is based in Luoyang, China.

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