Notes to Condensed Consolidated Financial Information 30 June 2024 81 ESR Group Limited Interim Report 2024 21. CONVERTIBLE BONDS (continued) Redemption and Cancellation of Convertible Bonds during 2023 (continued) The terms and conditions of the bonds provide, among other matters, that the Issuer could, at the option of the holder of any convertible bonds (the “Put Option”), redeem all or some only of such holder’s bonds on 30 September 2023 at 100 per cent. of their principal amount, together with interest accrued but unpaid up to but excluding such date. At the same date, the Company announced that as the holders of the convertible bonds in an aggregate principal amount of US$348,600,000 gave notice to exercise their Put Option, the Company had on 29 September 2023 fully redeemed parts of the outstanding convertible bonds in an aggregate principal amount of US$348,600,000, representing approximately 99.6% of the initial aggregate principal amount of the convertible bonds. On 4 October 2023, the Company served a notice to exercise its right to redeem all and not some only of the outstanding convertible bonds in the aggregate principal amount of US$600,000 on 3 November 2023. Following such redemption, the redeemed bonds were cancelled in accordance with the terms and conditions of the convertible bonds and none of the convertible bonds remained outstanding as of 31 December 2023 and 30 June 2024. The convertible bonds issued were split into the liability and equity components as follows: Liability component Equity component Total US$’000 US$’000 US$’000 Issue of convertible bonds 301,499 48,501 350,000 Direct transaction costs (4,959) — (4,959) At the issuance date 296,540 48,501 345,041 At 1 January 2023 319,053 48,501 367,554 Effective interest expense 11,901 — 11,901 Net increase in interest payable (3,922) — (3,922) Conversion of convertible bonds (747) (111) (858) Redemption of convertible bonds (326,285) (48,390) (374,675) At 31 December 2023 (audited) and 30 June 2024 (unaudited) (note 18) — — —
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