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C&D International plans HK$3B perpetual convertible bond issuance

C&D International Investment Group Ltd. plans to issue an approximately HK$3.00 billion perpetual convertible bond to repay loans from shareholders.

Under the terms of a Sept. 7 deal, the Chinese property developer conditionally agreed to issue the bond to Well Land International Ltd., a controlling shareholder of the company.

The bond will be issued at 100% of its principal amount, with a per-share initial conversion price and distribution rate set at HK$8.50 and 4.25% per annum, respectively.

Upon the full conversion of the bond, the company will issue up to 352,941,176 shares, representing about 48.03% of C&D International's issued share capital, as of Sept. 7.

C&D International said it will seek shareholder approval for the proposed issuance at a forthcoming extraordinary general meeting.