Holders of China Nickel CB accept exchange offer

Existing convertible bonds with a redemption value of $225 million will be exchanged into a combination of new CBs, amortising high-yield bonds and cash, easing the repayment burden for the company.

Holders of China Nickel CB accept exchange offer

Hong Kong-listed China Nickel Resources will go ahead and exchange most of its outstanding 10% convertible bonds after both bondholders and shareholders approved the exercise last week. The move will push back its upcoming redemption payments, and by introducing an amortising feature should make it easier for the company to manage its future cashflows.

It will also remove the concerns that China Nickel would not have been able to repay the bonds when they were...

To continue reading, please login or register for free

Click for more on: convertible | exchange offer | nickel | resources | jp morgan

Print Edition

FinanceAsia Print Edition


  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...