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Brilliance China holders put $125 million 0% convertibles at 122.926
By Susanna Moon
Chicago, June 8 - Brilliance China Automotive Holdings Ltd. said it redeemed $125,032,000 of its zero-coupon guaranteed convertible bonds due 2011 at the option of bondholders on June 7.
The company paid 122.926% of par.
Brilliance said that the remaining $1,321,000 convertibles are putable at 123.656% on July 8.
The company said its board of directors is confident that the redemption of the convertibles will not have any adverse effect on the group's financial position.
Brilliance China Finance Ltd., formerly known as Goldcosmos Investments Ltd. and a wholly owned subsidiary of the company, priced $182,678,000 of the convertibles on May 5, 2006.
Brilliance China Automotive is a Hong Kong-based maker of minibuses and automotive components for sale in China.
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