Xinyu Hengdeli begins tender offer for RMB 437 million 0% convertibles

By Susanna Moon

Chicago, Dec. 16 - Xinyu Hengdeli Holdings Ltd. said it invited holders to tender their zero-coupon convertible bonds due 2012 "as part of the company's commitment to the active management of its balance sheet."

The purchase price is RMB 1.05 million for each RMB 1 million principal amount of bonds tendered.

The offer began at 8 p.m. ET on Dec. 16 and will expire at noon ET on Dec. 18.

The settlement date is expected to be Dec. 30.

Deutsche Bank AG, Hong Kong Branch is the dealer manager, and the Bank of New York Mellon is the tender agent.

Xinyu Hengdeli issued RMB 1.15 billion of the bonds on July 25, 2007. There is RMB 437 million of the bonds outstanding.

Xinyu Hengdeli is a Hong Kong-based watch retailer and wholesaler.

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