China Water Industry Group to repurchase HK$279 million convertibles

By Angela McDaniels

Tacoma, Wash., Aug. 2 - China Water Industry Group Ltd. agreed to repurchase HK$279 million of its convertible bonds, according to a company news release.

The company agreed on July 29 to repurchase HK$219 million of the convertibles issued in September 2010, and on Aug. 2 it agreed to repurchase HK$60 million of the convertibles issued in August 2007.

The highest price paid will be HK$1,218,268 per HK$1 million principal amount, and the lowest price paid will be HK$922,330 per HK$1 million principal amount.

In total, the company will pay HK$73,096,000 for the 2007 convertibles and HK$205 million for the 2010 convertibles.

The repurchases are being funded with the proceeds of a short-term loan.

The settlement of the repurchases will occur in stages. The final repurchase is expected to be settled by Aug. 10.

The repurchased bonds will be canceled.

China Water Industry is a Hong Kong-based investment holding company.

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