Existing bondholders came out in force to take up the tender offer for China Overseas Holdings’ existing exchangeable bonds EBs into Hong Kong-listed property developer China Overseas Land Investment COLI.
According to an announcement put out by COLI on Sunday, investors tendered $482.2 million worth of EBs, or 96.4% of the $500 million outstanding principal. Also, a large number of new investors put in orders for the new zero-coupon EB issued by unlisted China Overseas alongside the tender, allowing it to fix the deal size at $750 million.
When the new issue was launched last Tuesday, the issuer said the size would range from $650 million...
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