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 premium was fixed at best terms from the issuer's point of view, the bonds traded up in the grey market and in the early hours of the Hong Kong morning were said to be quoted...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222