Xinyu Hengdeli accepts tenders for RMB 250 million 0% convertibles

By Jennifer Chiou

New York, Dec. 23 - Xinyu Hengdeli Holdings Ltd. said it accepted tenders for RMB 250 million of its zero-coupon convertible bonds due 2012.

The offer expired at noon ET on Dec. 18.

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

The company said on Dec. 16 that it began the offer as part of its "commitment to the active management of its balance sheet."

The settlement date is expected to be Dec. 30.

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

The company issued RMB 1.15 billion of the bonds on July 25, 2007. Following the completion of the tender offer, RMB 187 million of the bonds will remain outstanding.

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

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