nine-dragons-raises-370-million-from-topup-placement

Nine Dragons raises $370 million from top-up placement

Investors are happy to turn their attentions to something other than real estate, but poor trading in Asia and Europe make them ask for the maximum 10.9% discount.

Chinese paper manufacturer Nine Dragons Paper yesterday took advantage of a near 18-month high in its share price to raise $370 million from a top-up placement. About three-quarters of the money will be used to repay debt.   

The offering, which was upsized from a base deal of $350 million, was launched in the Hong Kong morning after the stock was suspended and stayed open until just before the start of New York trading to give US investors, who had met with the company during a non-deal roadshow earlier in the month, a chance to participate.

Demand was said to have been decent overall and many investors were probably grateful for the chance...

¬ Haymarket Media Limited. All rights reserved.

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