Luye Pharma Group to Issue $150 Million Convertible Bonds in Two Tranches

MT Newswires10-23

Luye Pharma Group (HKG:2186) entered into agreements with a subscriber for the conditional issuance of bonds worth $150 million, according to a Wednesday filing with the Hong Kong bourse.

Two tranches of $100 million and $50 million convertible bonds will be issued. Both tranches have a 5.85% interest rate and will mature in 2025. The proceeds will be used to refinance debt and support research and development.

These bonds can be converted into shares at HK$3.67 per share. The amount represents about 8.44% of the current issued share capital. The transaction remains subject to conditions.

The share prices of the pharmaceutical were down by almost 2% in recent trading.

Price (HKD): $3.01, Change: $-0.050, Percent Change: -1.63%

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