Zhou Hei Ya may repurchase up to 20% of 1% convertible notes due 2025

By Mary-Katherine Stinson

Lexington, Ky., Aug. 23 – Zhou Hei Ya International Holding Co. Ltd. is considering a repurchase at the prevailing market price of up to 20% of the original principal amount of its HK$1.55 billion of 1% convertible bonds due 2025, according to a company announcement.

The repurchases would occur from Aug. 24 to Sept. 21 and would be funded by the internal resources of the company and its subsidiaries.

The company’s board of directors stated in the press release that there would be no material impact on the financial position of the company due to the repurchase.

As previously reported, unless earlier converted, the bonds will be redeemed at 106.58 upon maturity, in addition to accrued interest.

The bonds are non-callable until Nov. 19, 2023 and then subject to a 130% hurdle.

They are putable on Nov. 5, 2023 at 103.86 or upon a delisting or change-of-control event.

Zhou Hei Ya is a Wuhan, China-based food products company.

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