Shangri-La Asia, the Hong Kong-based hotel group owned by Malaysia’s Kuok family, yesterday raised $500 million from a convertible bond that it will use to repay bank loans maturing this year and for capital expenditure. Like the $500 million CB issued by Agile Property Holdings on Wednesday, the deal looked aggressive, but while the Agile offering was well received by investors, they approached Shangri-La with a lot more caution.
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