minmetals-completes-convertible-as-investors-bet-on-future-growth

Minmetals completes convertible as investors bet on future growth

The deal accounts for one-fifth of the total market cap and prices with a conversion premium of 30%.

Minmetals Resources, which produces and trades aluminium and alumina as well as other non-ferrous metals, has raised HK$750 million $96 million from the sale of convertible bonds that will be used partly to fund future acquisitions.

While quite small in absolute terms, the deal accounted for a fifth of the total market capitalisation, which made it quite a chunky trade for the market to absorb. There is also a greenshoe option that could boost the size by another HK$250 million and bring it up to $128 million. However, thanks to reasonable pricing the sale was completed without any further ado by sole bookrunner JPMorgan, although both...

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