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China Hongqiao Group Eyes 10.2 Billion Yuan in Offshore Debt Offering

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China Hongqiao Group (HKG:1378) plans to raise 10.2 billion yuan via an offshore convertible bond issue, according to a Hong Kong bourse filing Tuesday.

The zero-coupon bonds will convert into shares of the company at an initial rate of HK$43.90 per share, representing a premium of about 25.3% to the company's closing price on Monday.

Assuming full conversion, the shares to be issued would amount to 266.6 million and represent 2.7% of the company's existing share capital and 2.6% on an enlarged basis.

Proceeds to be raised will be used for refinancing existing debt and the purchase of raw materials.

The firm simultaneously plans to purchase 11.3 million shares in a concurrent share buyback at HK$33.99 apiece.

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