Horizon Robotics (HKG:9660) priced its $450 million zero-coupon convertible bonds due 2027, according to a Thursday Hong Kong bourse filing.
The bonds carry an initial conversion price of HK$5.55 per Class B share, a 16.8% premium to the stock's closing price on July 22.
They are convertible into about 635.6 million Class B shares upon full conversion.
Horizon expects net proceeds of about $445.5 million and plans to use about $398.9 million to fund payments under its amended agreement with CARIAD. The remaining proceeds will be used for working capital and general corporate purposes.
The bonds are expected to mature on or around July 27, 2027.
Horizon Robotics will apply to list the bonds on the Vienna MTF and the conversion shares on the Hong Kong Stock Exchange.
Shares of the company fell nearly 4% in recent trade.