Kaisa issues clean-up call for remaining exchange convertible bonds

By Marisa Wong

Morgantown, W.Va., Oct. 6 – Kaisa Group Holdings Ltd. will redeem all of its outstanding exchange convertible bonds on Nov. 3 at par plus accrued interest to the redemption date.

The company is calling the bonds since at least 90% of the principal amount of the bonds has already been converted, redeemed or repurchased. As of Oct. 6, the outstanding principal amount of the bonds is $12,455,346.

Due to the redemption, the conversion period for the bonds will end at 11:59 a.m. ET on Oct. 24.

Kaisa Group, a Shenzhen, China-based property development company, filed bankruptcy on May 5, 2016 in the U.S. Bankruptcy Court for the Southern District of New York to gain U.S. court recognition of its Hong Kong scheme proceedings. The Chapter 15 case number is 16-11303.

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