Hang Lung makes CB history

The Hong Kong property company is believed to have become the first ever convertible issuer to re-open an existing transaction.

Completed under an accelerated bookbuild yesterday Thursday, the group has added a further HK$1 billion line of paper $128 million to its outstanding HK$2.25 billion deal $289 million. There is also a HK$200 million greenshoe, which could bring the overall deal up to the HK$3.45 billion mark $443 million.

Under the lead management of Credit Suisse First Boston, which has once again underscored a reputation for being the most consistently innovative CB house in Asia, the deal was priced at 101% plus accrued interest 101.57%. All terms remain exactly the same as the original deal of early March, which was priced with a cash coupon of 3.4%,...

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