Shenzhen International brings CB

Infrastructure developer joins growing band of mid-cap CB issuers from China.

Hong Kong-listed Shenzhen International Holdings has raised HK$600 million $76.8 million from the sale of zero-coupon five-year convertible bonds through JPMorgan.<.p />

The bonds were issued at par and are convertible into company shares at HK$0.341 each, a 20.5% premium over the reference price, which is equal to yesterday's volume weighted average price of HK$0.283. Each bond will convert into 29,325.513 shares.<.p />

Investors can put the bonds back to the issuer at the end of year three at 112.451% of face value and if not converted they will be redeemed at 121.601%, giving a yield to put and a yield to maturity...

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