206 Notes to the Consolidated Financial Statements 31 December 2023 31. CONVERTIBLE BONDS (continued) Redemption and Cancellation of Convertible Bonds during the year (continued) 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$600,000 on 3 November 2023. Following such redemption, the redeemed bonds were cancelled in accordance with the terms and conditions of the convertible bonds and none of the convertible bonds remained outstanding as of 31 December 2023. The convertible bonds issued have been split into the liability and equity components as follows: Liability component Equity component Total US$’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 2022 308,769 48,501 357,270 Effective interest expense 15,534 — 15,534 Net increase in interest payable (5,250) — (5,250) At 31 December 2022 and 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 (note 25) — — — STRENGTH IN UNITY
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