BUZZ-MicroPort hits near 4-year low on plan to issue convertible bonds

Reuters2023-12-06

** Shares of MicroPort Scientific Corp drop as much as 22.8% to HK$8.93, their lowest since February 2020

** Stock on track for second session of decline amid concerns over plan to issue convertible bonds

** Stock marks the biggest one-day pct drop since debut in September 2010; biggest pct loser in Hang Seng Composite Index

** Cardiovascular devices developer and manufacturer proposes to issue of $220 mln 5.75% convertible bonds due 2028 to independent or institutional investors, raising proceeds for refinancing medium and long-term offshore debts

** Says the bonds are convertible into company shares at HK$12.7790 each, subject to adjustment

** Co also proposes to repurchase $700 mln zero coupon convertible bonds due 2026 and it may continue to purchase the existing convertible bonds in the open market

** Hang Seng Composite Index and Hang Seng Index

both rise 1.1%

** Stock down 56.5% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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