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Delong - New Deal For CB Holders
As the company will not be able to meet their convertible bondholders (CB) requests when the CB holders have the option to require the company to redeem their bonds (worth RMB1.532bln) on 8 June 2010 the company is proposing to amend the terms and conditions of the bonds. The new bonds will be similar to the existing bonds except that the new bonds will repay 100% of the principal at maturity in June 2012 and will not allow bondholders to force the company to redeem by June 2010, but in return, the company will pay an annual interest of 5% (paid semi-annually). As well, the old conversion price of S$4.455 will be reset to the equivalent to the average price from 17 Aug ’09 to the trading day prior to the closing date and there is no restriction on the convertibility of the new bonds. An EGM is expected to be held on 2 Oct ’09 for shareholders to vote and at least 75% of positive votes are required to put the deal through. The new deal sounds like a good deal for existing CB holders as they would be ab
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