Hong Kong-listed China Nickel Resources has made an offer to the holders of its outstanding convertible bonds to exchange them into a combination of new CBs and high-yield bonds as it seeks to make its upcoming cash payments more manageable.
The outstanding bonds mature in December and were issued as part of another exchange offer in the fourth quarter of 2010, just before the put option on the company’s original CB that was issued in 2007 came due. They have an outstanding principal amount of approximately HK$1.33 billion $172 million and a redemption value of $225 million.
A one-off payment of that size would be...
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