On December 20, CATHAY PAC AIR (00293.HK) announced a proposed repurchase of HKD 6.74 billion of secured convertible Bonds with a 2.75% interest rate, maturing in 2026. The repurchase price has been set at 120.472% of the principal amount of the existing Bonds, based on the higher of the reference stock price of HKD 9.3663 (i.e., (i) HKD 8.04, the closing price on the Hong Kong Stock Exchange on November 14, 2024, and (ii) HKD 9.3663, the arithmetic average of the volume-weighted average price per share on the Hong Kong Stock Exchange for each specified trading day that is not excluded).

The issuer will pay the accrued interest and the total repurchase price to the settlement agent on December 23, 2024, for the accepted Bonds, so that the settlement agent can pay the bondholders the total accrued interest and repurchase price when they deliver their accepted Bonds to the settlement agent. All accepted Bonds will complete the repurchase upon the completion of the settlement process (expected around December 23, 2024, or shortly before or after that date).