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XTEP INT'L Plans Shr Placing & CB Issue for $985M Net Proceeds
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XTEP INT'L (01368.HK) announced that it planned to place 90.909 million existing shares through a top-up subscription, representing approximately 3.28% of the company's enlarged share capital, at a price of $5.5 per share, representing a discount of approximately 9.4% to last Friday (7th)’s closing price of $6.07. The company also proposed to issue $500 million 1.5% convertible bonds due 2026 with an initial conversion price of $6.325, representing a premium of about 4.2% over last Friday's closing price. It can be converted into a maximum of 79.0514 million shares, accounting for about 2.86% of the company's enlarged share capital. The net proceeds from the share placing and bond issue are approximately $985 million. The company intends to use the net proceeds to further develop the Direct-to-Consumer (DTC) business model for core Xtep brand and Saucony; further enhance Saucony’s branding initiatives and product offerings; and for working capital to support general corporate purposes. AAStocks Financial News |
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