TVB redeems HK$42 million of HK$156 million convertible bonds, revises terms

• TVB amended terms of its HK$156 million convertible bonds issued to Cardy Oval, cutting the conversion price to HK$2.48.
• Agreed to redeem HK$42 million of the bonds on the redemption date, paying principal, a 10% premium, accrued interest.
• Outstanding principal to fall to HK$114 million; interest rate on the remaining bonds to rise to 5.5%.
• Maturity redemption to increase to 115% of principal plus accrued interest; investor’s third-anniversary put right removed.
• Changes take effect once listing approval is secured for conversion shares; maturity remains Sept. 6, 2028.

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