Hidili raises $250 million from renminbi-denominated CB

Chinese coal producer Hidili Industry International Development has raised Rmb1.707 billion $250 million from a renminbi-denominated and US dollar-settled convertible bond that took some time to be completed, but featured a coupon of only 1.5% that will keep down the company's annual costs.

Thanks to an additional back-ended yield, investors will still get sufficiently compensated and the CB met with quite a lot of interest. According to a source, the deal was more than four times covered, having attracted a mix of outright investors, who are positive about the demand outlook for coking coal and like the company's growth by acquisitions strategy, and investors who were focused more on the technical aspects of the...