CTF Services (HKG:0659) plans to issue HK$780 million in convertible bonds due this year, according to a Thursday filing with the Hong Kong stock exchange.

The bonds have a conversion price of HK$8.043 with a 4% interest rate.

They are convertible to a maximum of 96,978,739 new shares in the construction company, formerly known as NWS, the filing said.

Net proceeds, estimated to be at HK$769 million, will be used to refill working capital and settle principal and interest of a portion of its bonds and loans, the filing said.

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