China Agri raises $601 million from CB/placement combination

The Hong Kong dollar-denominated CB is particularly well received, allowing it to be upsized to $400 million and sparking hopes that it could be what's needed to re-open the Asian CB market.

China Agri-Industries Holdings, a producer and supplier of processed agricultural products, including biofuels, edible oils and rice, has raised $601 million from a concurrent convertible bond and placement that were extremely well received.

Investors were particularly enthusiastic about the Hong Kong-dollar denominated CB, allowing the base deal to be upsized to $400 million HK$3.1 billion from $300 million initially, while retaining a $100 million upsize option that can be exercised over the next 30 days. Although the conversion...

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