WuXi AppTec's Subsidiary to Issue $500 Million Guaranteed Bonds

MT Newswires Live

Oct 08, 2024

WuXi AppTec's (HKG:2359, SHA:603259) subsidiary WuXi AppTec (HongKong) plans to issue $500 million worth of zero coupon guaranteed convertible bonds to raise funds for repayment for debts and the group's global expansion, a Tuesday filing with the Hong Kong Exchange said.

The bonds are due in 2025 and can be converted into the company's fully paid ordinary H shares at an initial converting price of HK$80.02 per share.

The company stands as the guarantor of the bonds and has engaged Citigroup Global Markets as the lead manager and Citicorp International as the trustee for the offering.

The global pharmaceutical, biopharmaceutical and medical device company expects to raise net proceeds of $494.4 million from the issue.

The company's shares closed nearly 17% lower on Tuesday.

Price (HKD): $57.35, Change: $-12, Percent Change: -16.88%

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