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Geely says to redeem outstanding convertible bonds

(Agencies)
Updated: 2009-03-16 14:15

Geely Automobile Holdings Ltd said on Monday it will pay HK$366 million ($47.21 million) for all of its outstanding convertible bonds and the early redemption will not have any adverse effect on its financial position.

"We basically will have no debt after the redemption," said Executive Director Lawrence Ang.

The Chinese automaker said the holder of the bond had the right to require the company to redeem all or some of the outstanding bonds on April 10 at 115.123 percent and the holder had notified the company that it would exercise the right.

Geely, which had cash and bank balance of more than HK$2 billion at end-February, will repay the debt from internal cash reserves, it said in a statement. The five-year zero coupon was issued in 2006 with total principle of HK$741.6 million and the outstanding principle stood at HK$317.91 million on Monday.

"We'll have more than HK$1 billion cash on hand after the redemption and will continue to identify acquisition targets," Ang told reporters.

Geely, a homegrown automaker, was looking to buy technology abroad, preferably engine and gear box technology, but it had no plan to buy car companies, he added.