China Nickel CB exchange

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.
<div style="text-align: left;"> China Nickel is suffering from softer global demand for metals </div>
<div style="text-align: left;"> China Nickel is suffering from softer global demand for metals </div>
June 04, 2012

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.

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