Boyuan postpones redeeming 11.5% convertibles due to banking issues

By Susanna Moon

Chicago, Nov. 7 – Boyuan Construction Group, Inc. said it will delay the redemption of its 11.5% unsecured convertible debentures due Oct. 31, 2018.

Boyuan is “experiencing delays transferring funds from its banking partners in China” for the redemption of the convertibles, according to a company announcement.

“The company wishes to reassure its debenture holders that once these temporary delays on the banking end have been resolved, the company will proceed with the redemption in full of all of the currently outstanding debentures,” the filing said.

As announced March 20, 2015, holders voted to amend the terms of the company’s 10% convertible subordinated debentures due Oct. 31, 2015 to extend the maturity to Oct. 31, 2018.

In addition, the coupon was increased to 11.5% from 10%, and the conversion price was reduced to $1.00 per share from $2.60.

Boyuan is a Jiaxing City, China-based builder of commercial, residential and municipal infrastructure.

© 2015 Prospect News.
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