China Molybdenum to call convertibles after hitting stock trigger

By Marisa Wong

Madison, Wis., June 23 – China Molybdenum Co., Ltd. has decided to redeem all of its outstanding RMB 4.9 billion A share convertible corporate bonds due 2020, according to a notice.

The company’s board of directors voted unanimously in favor of the early redemption at its meeting on Tuesday.

The bonds are callable because the company’s stock closed at or above 130% of the current conversion price of RMB 8.78 per share.

The molybdenum and tungsten producer is based in Luoyang, China.

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