China Petrochemical Development raised $132 million from a zero-coupon convertible bond on Thursday to help it fund construction of a greenfield plant in the mainland’s Jiangsu province.
The deal has a five-year maturity with a three-year investor put and an issuer call after three years.
China Petrochemical’s convertible bond allows the company to raise capital at a yield of 1.75%. The securities will convert to equity at a premium of 18% over the stock’s closing price on Tuesday of NT$9.15 per share, in the middle of the guidance of 15% to 25%.
The conversion price was set at NT$10.80 per share, towards...
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