NOTES TO FINANCIAL STATEMENTS
December 31, 2015
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CONVERTIBLE NOTES
The convertible notes issued on July 13, 2009 (“Notes 2014”) matured on July 13, 2014. The Notes 2014 accrued
interest at 5.85% per annum with interest payable on January 13 and July 13 of each year, commencing on January
13, 2010. The conversion price was initially S$2.6208 per share, and had been adjusted to S$2.5200 and S$2.4900
per share on May 16, 2013 and June 6, 2014 respectively as a result of dividends declared by the Company. The
conversion price could be further adjusted for certain specified dilutive and other events. The Company could, at
any time on or after July 13, 2011 but before July 3, 2014, mandatorily convert all of the Notes 2014 if the volume
weighted average price of the Company’s shares was at least 130% of the conversion price in effect on the date of
notice. The holders had the right to require the Company to redeem all or some of the Notes 2014 on July 13, 2012.
On July 13, 2012, the holders of S$305 million (equivalent to RMB1.516 billion) outstanding Notes 2014 exercised
the option to redeem the outstanding Notes 2014.
On July 14, 2014, the Company fully redeemed the remaining S$70 million (equivalent to RMB348 million)
outstanding Notes 2014 in accordance with the terms set out in the Trust Deed dated July 13, 2009. In addition,
the equity reserve of Notes 2014 amounting to S$39 million (equivalent to RMB182 million) was reclassified to
accumulated profits in 2014.
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SENIOR NOTES
The senior notes comprise notes issued in 2010, 2011, 2013 and 2014.
(a)
The senior notes issued on May 4, 2010 (“9.5% Notes 2017”) would mature on May 4, 2017. The senior notes
bore interest at 9.5% per annumwith interest payable on May 4 and November 4 of each year, commencing on
November 4, 2010. The senior notes were denominated in US dollars. In 2014, the Company fully redeemed
the 9.5% Notes 2017 in accordance with the terms set out in the Indenture dated May 4, 2010.
(b)
The senior notes issued on March 29, 2011 (“Notes 2018”) will mature on March 29, 2018. The senior notes
bears interest at 10.625% per annum with interest payable on March 29 and September 29 of each year,
commencing on September 29, 2011. Prior to the maturity of the senior notes, the Company may redeem the
notes, in whole or in part, based on the stipulated redemption price at the point of redemption. The senior
notes are denominated in US dollars.
(c)
The senior notes issued on May 23, 2013 (“Notes 2016”) will mature on May 23, 2016. The senior notes bears
interest at 5.375% per annumwith interest payable on May 23 and November 23 of each year, commencing on
November 23, 2013. Prior to the maturity of the senior notes, the issuer, which is a wholly-owned subsidiary
of the Company, may redeem the notes, in whole or in part, based on the stipulated redemption price at
the point of redemption. During the year, the Company re-purchased certain amounts of Notes 2016 and
RMB1.871 billion principal remain outstanding as at December 31, 2015. The senior notes are denominated
in RMB.
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