Shangri-La checks in for $375 million

Hotel group completes a convertible and placement to raise funds for China expansion.

The Shangri-La group made a rare foray into the international capital markets yesterday Monday with a concurrent convertible and share placement. With JPMorgan as lead manager, the group raised $200 million from the convertible no greenshoe and $175 million from the placement, although the Kerry group, which owns 45% of the company, took up $85 million of the latter.

The timing and structure of the deal was determined by the group's desire to raise funds for its...

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