Chinese footwear-maker ANTA Sports Products Ltd. is looking to issue €1 billion in convertible bonds with zero coupon guaranteed.

ANTA Sports plans to use the proceeds from the offering to refinance its existing debt, for working capital and for other general corporate purposes. The bonds will mature on or about Feb. 5, 2025, according to a regulatory filing.

The bonds may be converted into 82,129,559 conversion shares based on the initial conversion price of HK$105.28 per share, which represents a 40% premium to the company's closing price Jan. 13. The convertible shares account for about 3.04% of the company.

ANTA Sports said the bonds will not be registered in the U.S.

The bonds will be issued by ANTA Sports' direct wholly owned subsidiary ANLLIAN Capital.

Merrill Lynch (Asia Pacific) Ltd., Citigroup Global Markets Ltd. and Morgan Stanley & Co. International PLC are acting as the managers of the offering.