Structured exchangeable meets with approval

The chairman of Singapore-listed steel maker Delong raises $121 million by selling bonds that can be exchanged for Delong stock.

While credit markets remain jittery, the chairman of Chinese steel manufacturer Delong Holdings on Friday raised at least S$175 million $121 million from the sale of bonds that are exchangeable into Delong stock. The deal has a greenshoe that could increase the size to as much as S$220 million $153 million.

The five-year, zero-coupon bonds were sold by a company called Best Decade Holdings, which holds the chairmanÆs 77% stake in the Singapore-listed steel maker but has no other...

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