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Guming Prices HK$1.96 Billion Bond Offering

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Chinese teahouse chain Guming (HKG:1364) on Wednesday priced a HK$1.96 billion bond offering, according to a filing with the Hong Kong bourse.

The zero-coupon guaranteed bonds convert into shares of the company at an initial rate of HK$23.54 each.

Assuming full conversion, the bonds can be swapped for a total of 83.3 million shares representing 3.50% of the company's issued share capital and 3.43% as enlarged by the issue.

The bonds will be issued at 101% of their face value and will be listed on the Vienna Stock Exchange, the firm said.

The company will use proceeds mainly to expand overseas, procure raw materials and equipment, repurchase shares, and for general corporate purposes.

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