China MeiDong Auto Holdings Repurchases Bonds to Cancel

MT Newswires Live06-26

China MeiDong Auto Holdings (HKG:1268) has, as of the date of the filing, repurchased its HK$2.75 billion zero coupon guaranteed convertible bonds due 2027, up to the principal amount of HK$807.0 million, a 29.35% of the initial principal amount of the bonds, a Tuesday filing with the Hong Kong Exchange said.

The bonds were initially issued by Sail Vantage and unconditionally and irrevocably guaranteed by the company. The repurchased bonds have either been canceled or will be canceled as soon as possible.

The remaining outstanding principal amount of the bonds is HK$1.93 billion, representing about 70.29% of the initial principal amount with HK$10.0 million of the bonds already being converted.

The maximum number of conversion shares the company can issue upon full conversion of the outstanding bonds is 43,187,617 at the prevailing adjusted conversion price of HK$44.7582 per share, representing around 3.2% of the total issued shares.

The company shares were up over 2% on Wednesday's close.

Price (HKD): $2.18, Change: $+0.05, Percent Change: +2.35%

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