TVB to Redeem HK$42 Million Convertible Bonds, Cut Conversion Price
MT Newswires Live
Yesterday
TVB (HKG:0511) agreed to redeem HK$42 million of its convertible bonds held by Cardy Oval Limited and amend the terms of the remaining bonds, according to a Sept. 11 Hong Kong bourse filing.
The outstanding principal will carry a 5.5% annual interest rate, up from 3.5%, while the conversion price will be reduced to HK$2.48 from HK$4.45.
The remaining HK$114 million of bonds will mature on Sept. 6, 2028 and be redeemable at 115% of principal, plus accrued and unpaid interest.
If fully converted at the amended price, 45.97 million new shares would be issued, representing about 9.8% of TVB's existing share capital.
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