China Hongqiao Group (HKG:1378) plans to issue $300 million in 1.50% convertible bonds due 2030, according to a Tuesday filing with the Hong Kong bourse.
The bonds' initial conversion price is HK$20.88 per share, a 38.3% premium over the March 17 closing price of HK$15.10.
If the bonds are fully converted, this will result in 111,665,229 new shares, representing about 1.2% of the company's enlarged share capital.
Net proceeds of about $294.6 million will be used for refinancing offshore debt and general corporate purposes.
In addition, China Hongqiao plans to repurchase about 20.6 million shares at HK$14.60 each as part of a concurrent buyback linked to its bond issuance.
The aluminum manufacturer's shares rose almost 4% in recent trade.
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