Skyfame drops conversion price on 4% notes

By Julie A. Miller

Washington, Aug. 1 - Skyfame Realty (Holdings) Ltd. announced that the conversion price for its $200 million 4% secured convertible notes due 2013 will decrease to HK$1 per share from HK$1.35.

The change will take effect Aug. 4. The terms call for quarterly adjustments based on the weighted average trading price during the 40-day period prior to each reset date.

The outstanding principal amount of the notes is $192 million, Skyfame said in a statement. So far $8 million has been converted into shares. If all notes were converted, the company would issue 1.49 billion conversion shares, representing approximately 101.5% of the existing issued share capital.

Skyfame Realty is a Hong Kong-based investment holding company focused on property development.

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