tough-terms-force-reoffer-of-greentown-cb

Tough terms force re-offer of Greentown CB

The $300 million convertible is offered at fixed terms and comes after a late spike in the company's share price.
Residential property developer Greentown China Holdings last night returned to the market with the Rmb2.31 billion $300 million convertible bond issue that it decided to hold off on last week, making use of the very last day before the issuance mandate from its shareholders was due to expire.

The bonds are denominated in renminbi to match the developerÆs functional currency and to avoid the mark-to-market treatment of the equity option of the CB which would have been necessary had it been issued in any other currency. The bonds will, however, be settled in US dollars so that they can be sold to international investors û a practice that is fast becoming routine among Chinese companies...
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