China Sun buys back $6.5 million more zero-coupon convertible bonds

By Jennifer Chiou

New York, April 23 - China Sun Bio-chem Technology Group Co. Ltd. said it repurchased a further $6.5 million of its original $100 million of zero-coupon convertible bonds due 2011 after having bought back $3.3 million of the notes on April 12.

Thus far, it has repurchased a total of $21.2 million of the bonds, including $11.4 million of the convertibles on March 11.

In addition, the company has received cancellations of put options on $5 million of the bonds since April 12. The total put amount now stands at $55.3 million.

The company noted that it is continuing to explore ways to resolve bond issues.

China Sun is a Beijing-based investment holding company.

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