Shangri-La checks in for $375 million

Hotel group completes a convertible and placement to raise funds for China expansion.

The Shangri-La group made a rare foray into the international capital markets yesterday Monday with a concurrent convertible and share placement. With JPMorgan as lead manager, the group raised $200 million from the convertible no greenshoe and $175 million from the placement, although the Kerry group, which owns 45% of the company, took up $85 million of the latter.

The timing and structure of the deal was determined by the group's desire to raise funds for its expansion into China, maximise maturity and do so while interest rates remain at historic lows. However, it did not want to stretch gearing levels and, therefore, opted for an equity-linked structure in the face of...

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