China Nickel launches CB exchange offer

The manufacturer of nickel and stainless steel products is offering to exchange outstanding convertible bonds with a redemption value of about $225 million into a combination of high-yield bonds, new CBs and cash.

China Nickel launches CB exchange offer
China Nickel Resources operates two production mills in Zhengzhou, Henan Province

Hong Kong-listed China Nickel Resources has made an offer to the holders of its outstanding convertible bonds to exchange them into a combination of new CBs and high-yield bonds as it seeks to make its upcoming cash payments more manageable.

The outstanding bonds mature in December and were issued as part of another exchange offer in the fourth quarter of 2010, just before the put option on the company’s original CB that was issued...

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