china-medical-technologies-completes-upsized-cb

China Medical Technologies completes upsized CB

The CB is upsized by 60% to $240 million as solid quarterly results help the medical company to attract investors.
China Medical Technologies has raised $240 million from the sale of convertible bonds one week after releasing strong first quarter results. In a quiet period in which few expected a convertible bond to do well, demand for the deal was so high that the company was able to upsize the deal by 60% from an initial target of $150 million.

The bonds, which will reach maturity in 2013, were not priced at the bottom of the range, such as has been the case with many recent CBs. They were offered with a yield-to-maturity ranging between 3.75% and 4.25% and an exchange premium of between 20% and 25%. Both were priced at the mid-point û at...
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