WuXi AppTec Plans 6.8 Billion Yuan Zero-Coupon Convertible Bond Issue

MT Newswires Live05-15 09:15

WuXi AppTec Co (HKG:2359, SHA:603259) plans to issue 6.78 billion yuan of USD-settled zero-coupon convertible bonds due 2027, according to a Friday Hong Kong bourse filing.

The bonds will be convertible into Hong Kong-listed shares at an initial conversion price of HK$153 per share, representing a premium of about 17.6% to the stock's closing price on May 14.

Assuming full conversion, the bonds would convert into about 51.1 million new Hong Kong-listed shares, representing roughly 10.02% of the company's existing Hong Kong-listed share capital and about 1.71% of its total issued share capital.

Net proceeds of about $1.02 billion will be used for global capacity and capability expansion, with the remainder for general corporate purposes.

The bonds are expected to be listed on the Vienna Stock Exchange, subject to regulatory approvals and completion conditions, the filing said.

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