COLI exchangeable tender gets 96.4% take-up

Meanwhile, the size of the new exchangeable bond into the same company was fixed at $750 million after good response from both existing and new investors.

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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