Lenovo Converts $87.675 Million Of 2029 Convertible Bonds

Lenovo Group said holders of its 2.5% convertible bonds due 2029 have exercised conversion rights over a principal amount of $87.675 million, or about 12.99% of the original principal, and the bonds were cancelled in accordance with their terms, according to ETNet. The conversion was made at the current adjusted conversion price of HK$8.37 per share, resulting in about 0.64% conversion shares being issued and credited as fully paid. As of the announcement date, $29.675 million of the 2029 convertible bonds remained outstanding, equal to about 4.4% of the original principal. If the remaining bonds are fully converted at the current adjusted price, Lenovo would issue up to about 27.79 million conversion shares, or about 0.22% of its issued share capital.