Haitong cuts conversion prices of convertibles due 2018, 2019, 2021

By Marisa Wong

Morgantown, W.Va., Nov. 21 – Haitong International Securities Group Ltd. announced reductions in the conversion prices of its 1.25% convertible bonds due 2018, 1.25% convertible bonds due 2019 and zero-coupon convertible bonds due 2021.

The conversion price for the 2018 bonds was lowered to HK$2.76 per share from HK$2.82 per share; the conversion price for the 2019 bonds was lowered to HK$4.61 per share from HK$4.71 per share; and the conversion price for the 2021 bonds was lowered to HK$6.53 per share from HK$6.68 per share.

The adjustments, which are due to an interim dividend for the six months ended June 30, are effective from Nov. 21.

As of Nov. 21, the outstanding principal amount of the 2018 bonds is HK$2 million; the outstanding principal amount of the 2019 bonds is HK$137 million; and the outstanding principal amount of the 2012 bonds is HK$3.88 billion.

The Hong Kong financial services company originally issued HK$1,008,000,000 of the 2018 bonds, HK$1,164,000,000 of the 2019 bonds and HK$3.88 billion of the 2021 bonds.

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