Sino-Ocean Land buys back $9.7 million perpetual convertible bonds

By Marisa Wong

Madison, Wis., July 15 - Sino-Ocean Land Capital Finance Ltd. announced that it repurchased $9.7 million of its perpetual subordinated convertible securities callable 2015 through a market transaction on July 12.

The company purchased the convertibles at 101.5 plus accrued interest.

Settlement is expected to take place by July 18.

Following cancellation of the repurchased securities, the principal amount remaining outstanding will be $551 million.

Sino-Ocean issued $900 million of the perpetual convertibles in July 2010 and repurchased $286 million of the securities on June 21, another $40 million on June 28 and an additional $13.3 million on July 5.

Incorporated in the British Virgin Islands, Sino-Ocean Land Capital Finance is a subsidiary of Hong Kong-based property company Sino-Ocean Land Holdings Ltd.

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