yue-yuen-pockets-361-million-from-equity-and-cb-sale

Yue Yuen pockets $361 million from equity and CB sale

Strong demand boosts the size of the convertible bond by 84%. The share component attracts less interest.
Hong Kong-listed athletic shoe maker Yue Yuen Industrial has raised $361 million from a combined sale of new shares and convertible bonds, which was the first such trade in Hong Kong since the beginning of 2004.

The Hong Kong-dollar denominated offer, which was completed last Friday, came on the heals of a strong run-up in the share price over the past four months and only six months after the controlling shareholders cashed in part of their holdings, which likely contributed to the somewhat lukewarm reception for the top-up placement. The CB, though, was in great demand which allowed sole bookrunner Merrill Lynch to increase the original size by 84%.

The bookrunner also attached an...
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