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Sino-Ocean Land buys back $200 million perpetual convertible bonds
By Marisa Wong
Madison, Wis., July 29 - Sino-Ocean Land Capital Finance Ltd. announced that it repurchased $200 million of its perpetual subordinated convertible securities callable 2015 through a market transaction on July 26.
The company purchased the convertibles at 102.5 plus accrued interest.
Settlement is expected to take place by July 31.
Following cancellation of the repurchased securities, the principal amount remaining outstanding will be $351 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, an additional $13.3 million on July 5 and another $9.7 million on July 12.
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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