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Tianqi Lithium to launch 5B yuan convertible bond offer to fund SQM deal

Tianqi Lithium Corp. intends to launch a convertible debt issue of up to 5 billion Chinese yuan, according to a Nov. 13 exchange filing.

Proceeds raised will fund its acquisition of a 24% stake in Sociedad Quimica y Minera de Chile SA, from Nutrien Ltd. to buy the latter's 62,556,568 A shares in SQM for about US$4.07 billion in a deal signed in May.

The company said the bonds may be converted into shares after six months. Maturity has been set at six years and the interest rate has yet to be determined.

Earlier in the month, the company secured a syndicated loan facility of US$3.5 billion to fund its SQM stake acquisition.

As of Nov. 12, US$1 was equivalent to 6.96 Chinese yuan.