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ICBC to redeem convertible bonds; stock price triggers call option
By Marisa Wong
Madison, Wis., Dec. 30 – Industrial and Commercial Bank of China Ltd. said it is planning an early redemption of its convertible bonds.
The issuer said that the redemption clause of the bonds has been triggered, because the closing prices of its A shares from Nov. 19 to Dec. 30 have been at least 130% of the prevailing conversion price for at least 15 out of 30 consecutive trading days.
The conversion price is RMB 3.27 per share.
The redemption is subject to China Banking Regulatory Commission approval.
The Beijing bank issued RMB 25 billion of the six-year convertible bonds in August 2010.
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