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CIFI Holdings completes issuance of HK$2.79B convertible bonds

CIFI Holdings (Group) Co. Ltd. wrapped up Feb. 14 its issuance of HK$2.79 billion of convertible bonds due 2019, in an effort to net approximately HK$2.75 billion for debt repayment and general corporate expenditures.

As previously indicated, the issued bonds will be converted into 300,000,000 CIFI Holdings shares, or approximately 3.95% of the issued share capital of the company as of Jan. 26, based on the initial conversion price of HK$9.30 per share.

According to a filing, the company, along with the offering managers Morgan Stanley & Co. International Plc, Credit Suisse (Hong Kong) Ltd. and Haitong International Securities Co. Ltd., decided to not exercise the option to upsize the issuance to roughly HK$3.09 billion with an additional offering of HK$304.0 million convertible bonds.

Morgan Stanley and Credit Suisse were the joint global coordinators of the offering, and together with Haitong International, also served as joint book runners.