China's ABC Communications plans HK$400 million 5½% seven-year bonds

By Angela McDaniels

Tacoma, Wash., July 25 - ABC Communications (Holdings) Ltd. announced plans to issue up to HK$400 million of 5½% seven-year bonds through a best-efforts offering.

Convoy Investment Services Ltd. is the agent.

The issue price will be par.

The offering will take place in not more than four tranches on or before Jan. 25. The minimum amount per tranche will be HK$100 million, except that there is no minimum amount for the last tranche.

The notes will be callable at par after five years. Beginning four years after issuance, the holders will have a put option at 80% of par.

Proceeds will be used to finance investment opportunities, to finance future development costs of the group's mining assets and for general working capital.

ABC Communications is a Hong Kong-based investment holding company engaged in mining, financial quotation services, securities trading system licensing and wireless applications development.

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