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CHINAHONGQIAO Issues Convertible Bonds at 38.3% Premium to Raise US$294M Net Proceeds
Recommend 6 Positive 12 Negative 1 |
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CHINAHONGQIAO (01378.HK) announced that it entered into on Monday (17th) a subscription agreement for convertible bonds maturing in 2030. The company has agreed to issue convertible bonds with an initial principal amount of US$300 million at the rate of 1.5% per annum. The initial conversion price is set at $20.88, representing a premium of around 38.3% over Monday's closing price of $15.1 per share on the Stock Exchange. Assuming the convertible bonds are fully converted at the initial conversion price of $20.88 per share and at a fixed exchange rate, they will be converted into around 111 million conversion shares, equivalent to about 1.2% of the company's existing issued share capital and around 1.2% of the company's enlarged issued share capital. The total proceeds from the issuance of the convertible bonds are estimated to be around US$300 million, while the net proceeds from the issuance of the convertible bonds are expected to be around US$294 million. AAStocks Financial News |
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