CMOC Plans $1.2 Billion Zero-Coupon Convertible Bond Issue

MT Newswires Live01-20

CMOC Group (HKG:3993, SHA:603993) plans to issue $1.20 billion of zero-coupon guaranteed convertible bonds due 2027, according to a Tuesday Hong Kong bourse filing.

The bonds will be convertible into H shares at an initial conversion price of HK$28.03 per share, representing a premium of about 28.7% to the stock's last close.

Assuming full conversion, the bonds would convert into about 333.7 million H shares, equivalent to roughly 1.6% of the company's existing issued share capital, the filing showed.

Net proceeds are expected to total about $1.19 billion.

The company said it plans to use the funds for expansion and sustaining capital for overseas mining and processing assets, as well as for general corporate purposes.

The bonds are proposed to be listed on the Vienna MTF, while the conversion shares will be issued under the group's general mandate and listed in Hong Kong.

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