Waste recovery company issues $110 million CB
The Sino-Environment bonds come with an equity swap arrangement to facilitate hedging, mirroring larger deals by Country Garden and China High Speed Transmission.
Singapore-listed Sino-Environment Technology Group last night sold S$150 million $110 million worth of convertible bonds to raise funds for the build-out of one of its business lines. The Singapore dollar-denominated deal was upsized from an initial $100 million and made use of the companyÆs entire mandate for the issuance of new shares, meaning the new shares will correspond to 20% of the existing share capital if the bonds are fully converted.
Sino-Environment is a small-cap company in the environmental protection...
To continue reading, please login or register for free