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Lenovo Bondholders Convert 42% of $675 Million Bonds

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Lenovo Group (HKG:0992) said holders of its $675 million 2.50% convertible bonds due 2029 have converted an aggregate principal amount of $283.9 million since the company announced its redemption plan on Aug. 17.

The converted amount represents about 42.1% of the initial principal amount of the bonds, according to a Friday Hong Kong bourse filing. Lenovo issued about 265.9 million shares at an adjusted conversion price of HK$8.37 per share, equivalent to about 2.1% of its enlarged share capital.

Following the conversions, $166.1 million of the 2029 convertible bonds remain outstanding, representing about 24.6% of the original principal amount.

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