Far East Horizon (HKG:3360) canceled $20.9 million of convertible bonds issued through unit Universe Trek in 2020, representing 6.97% of the initial principal amount of the bonds, a Friday Hong Kong bourse filing said.

The move came as the bonds were converted into 31,217,730 shares between June 7 to Friday, June 13, at HK$5.19 apiece.

As of Friday, nearly $245.1 million of the bonds, representing 81.7% of the initial principal amount of the bonds, remain outstanding.

Universe Trek had issued $300 million of the 2.5% guaranteed convertible bonds falling due in 2025 in 2020.