waste-recovery-company-issues-110-million-cb

Waste recovery company issues $110 million CB

The Sino-Environment bonds come with an equity swap arrangement to facilitate hedging, mirroring larger deals by Country Garden and China High Speed Transmission.
Singapore-listed Sino-Environment Technology Group last night sold S$150 million $110 million worth of convertible bonds to raise funds for the build-out of one of its business lines. The Singapore dollar-denominated deal was upsized from an initial $100 million and made use of the companyÆs entire mandate for the issuance of new shares, meaning the new shares will correspond to 20% of the existing share capital if the bonds are fully converted.

Sino-Environment is a small-cap company in the environmental protection and waste recovery solutions business. It provides services such as industrial waste gas treatment, recovery of volatile organic compounds VOC, dust elimination, management of sulphur dioxide SO2 and oxidised forms of nitrogen NOx...
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