BUZZ-Cathay Pacific hits 8-month peak on plan to repurchase convertible bonds

Reuters11-15
BUZZ-Cathay Pacific hits 8-month peak on plan to repurchase convertible bonds

** Shares of Cathay Pacific Airways Ltd 0293.HK jump as much as 15.7% to HK$9.30, their highest since March 13 on airline's convertible bond repurchase plans

** Stock on track for the biggest one-day gainer since October 2008 if trend holds; third biggest pct gainer in Hang Seng Composite Index .HSCI, which was up 0.6%

** Cathay Pacific Airways says to repurchase HK$6.74 bln ($865.97 mln) 2.75% Guaranteed Convertible Bonds due 2026 to reflect co's confidence in its long-term business prospects while enhancing the return to the shareholders

** The carrier says it will fund the repurchase by debt financing and cash generated from its business operations

** Hang Seng Commerce & Industry Index .HSNC gains 0.8% and Hang Seng Index .HSI adds 0.6%

** Stock up 9.1% YTD

($1 = 7.7832 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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