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Hong Kong Exchanges and Clearing Ltd Announces Proposed Issue Of USD500,000,000 0.50% Convertible Bonds Due 2017

Monday, 24 Sep 2012 08:20pm EDT 

Hong Kong Exchanges and Clearing Ltd referred to the announcement by the Company on September 24, 2012 in relation to the proposed issue of convertible bonds in the principal amount of USD400,000,000 (approximately HKD,101,240,000) with a fixed rate coupon. Following a favourable bookbuilding process, the Board announced that it has proposed to increase the principal amount of the issue to USD500,000,000. The Company has entered into the Subscription Agreement with the Lead Managers, under which the Lead Managers have agreed severally to subscribe and pay for, or to procure subscribers to subscribe and pay for, the Convertible Bonds to be issued by the Company in an aggregate principal amount of USD500,000,000 (approximately HKD3,876,550,000), on the terms and subject to the conditions set out therein. The Company intends to use the net proceeds from the Subscription to (i) partly fund the Acquisition and (ii) reduce the amount of committed borrowings under the bank facilities entered into on 15 June 2012 in relation to the Acquisition. The Company is entitled at its option to redeem the Convertible Bonds at the Regulatory Redemption Amount, if the FSA disapproves of the Acquisition or on the six month anniversary of the Closing Date, the FSA has not approved or granted approval of the Acquisition. 

Company Quote

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3:59am EDT