January 14, 2020 / 12:51 AM / 6 days ago

China's ANTA Sports plans $1.1 bln convertible bonds to refinance debt

HONG KONG, Jan 14 (Reuters) - ANTA Sports Products Ltd said on Tuesday it planned to issue 1 billion euro ($1.11 billion) zero coupon guaranteed convertible bonds due 2025, with the funds used for refinancing existing debt, working capital and for general corporate purposes.

The China home-grown sports brand said the bonds are convertible into 82.129 million shares, representing 2.95% of the enlarged share capital, at HK$105.28 per share.

The conversion price represents a premium of 40% over Monday’s close of HK$75.20 per share.

The firm intends selling to at least six independent third party investors.

Merrill Lynch (Asia Pacific) Ltd, Citigroup Global Markets Ltd and Morgan Stanley & Co. International plc as the managers.

$1 = 0.8979 euros Reporting by Donny Kwok; Editing by Shri Navaratnam

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