Agile Property holders put $481.9 million of 4% convertible bonds

By Marisa Wong

Madison, Wis., April 28 - Agile Property Holdings Ltd. announced that holders of $481.9 million of its $500 million 4% convertible bonds due 2016 exercised their put option on Monday.

Following the put option exercise, the principal amount of bonds outstanding is $18.1 million, or about 3.6% of the principal amount originally issued.

Agile said that it will redeem the remaining bonds on May 28 at par plus accrued interest.

The bonds are still convertible through May 13, the company said.

Agile Property is a Hong Kong-based land development company.

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