SOHO China plans to issue HK$2.8 bln in convertible bonds
Published: 29 May 2009 01:05:16 PSTMay. 29, 2009 (China Knowledge) - SOHO China Ltd<0410>, a leading real estate developer in China, announced on Wednesday that it will issue HK$2.8 billion in convertible bonds, Reuters reported. The bonds to be issued will be convertible into 476 million of shares of the company at a price of HK$5.88 per share. The convertible shares will account for 9.2% of the company's existing stock capital, or 8.4% of the enlarged stock capital. The company expects to reap HK$2.74 billion from the issuance after paying HK$60 million in commissions and administrative fees. The proceeds will be used to fund its daily operations and potential future acquisitions. The company has assigned Goldman Sachs, Morgan Stanley and UBS to arrange the deal. Reportedly, SOHO China had generated RMB 2 billion in sales revenue as of May 8, including RMB 635 million earned from its Zhongguancun project, which started selling on May 8. Copyright © 2009 www.chinaknowledge.com |
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