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SOHO China to sell $359 mln in convertible bonds

Tue May 26, 2009 8:46pm EDT

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HONG KONG, May 27 (Reuters) - Commercial property developer SOHO China Ltd (0410.HK) said on Wednesday it planned to sell HK$2.8 billion ($359 million) worth of convertible bonds, raising capital to fund strategic acquisitions and for general corporate purposes.

The bonds will have an interest rate of 3.75 percent per year with maturity on July 2, 2014.

The bonds will be convertible into 476.2 million shares, or 8.4 percent of its enlarged share capital, at HK$5.88 each, representing a 20 precent premium over the stock closing price of HK$4.90 on Tuesday.

Goldman Sachs (Asia), Morgan Stanley & Co International, and UBS AG are the joint lead managers of the bond issue.

For statement please click here (US$1=HK$7.8) (Reporting by Donny Kwok; editing by Ken Wills)



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