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Lenovo Completes $2 Billion Convertible Bond Issue

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Lenovo (HKG:0992) completed the issuance of $2 billion in zero-coupon convertible bonds due 2033, according to a Thursday Hong Kong bourse filing.

The company also completed the repurchase and cancellation of $225 million principal amount of its 2.50% convertible bonds due 2029.

Net proceeds of about $1.98 billion will be used to refinance existing debt, including funding the repurchase of about $662 million of its 2029 convertible bonds.

The remaining proceeds are earmarked for future share buybacks to offset dilution from the bond issue and for general corporate purposes.

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