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FINWIRES

Pharmaron Beijing to Raise $327 Million Via Zero-Coupon Convertible Bonds

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Pharmaron Beijing (HKG:3759, SHE:300759) plans to issue 2.18 billion yuan of USD-settled zero-coupon convertible bonds due in 2027, according to a Thursday Hong Kong bourse filing.

The company expects to secure net proceeds of about $327.2 million, with 70% earmarked for business expansion and the remainder to refinance existing debt, and for general corporate purposes and working capital.

The bonds will carry an initial conversion price of HK$36.08 per H-share, representing a 16.76% premium to the Aug. 26 closing price.

If fully converted, they would result in the issuance of about 70.5 million new H-shares.

The bonds are expected to mature on or around Aug. 31, 2027, with the subscription scheduled to close on Sept. 2, subject to conditions.

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