Champion Path calls HK$144.5 million zero-coupon convertibles due 2015

By Melissa Kory

Cleveland, March 14 - Champion Path Holdings Ltd. said it will redeem for cancellation its outstanding zero-coupon guaranteed convertible bonds due 2015. As of March 11, HK$144.5 million of the bonds remained outstanding.

More than 90% of the bonds have been converted, redeemed or purchased and canceled, triggering the final redemption of the outstanding bonds.

The bonds will be redeemed on April 28 at 103.0301 plus accrued interest to the redemption date.

Deutsche Bank AG is the redemption agent.

Holders may convert the bonds at any time prior to the close of business on April 20 at HK$5.24, a 59.06% discount from the March 11 closing price of HK$12.80.

Champion Path is a subsidiary of SJM Holdings Ltd., which operates casino properties in Macau.

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