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Credit China issues HK$1B of convertible bonds

Credit China HoldingsLtd. issued HK$1 billion worth of convertible bonds to six investors.

The company said May 9 that it issued 7% three-year unsecuredconvertible bonds to four strategic investors and two individual investors.

Assuming full conversion of the convertible bonds at an initialconversion price of HK$3.476 per share, the bonds will be convertible into around287,686,993 conversion shares, or approximately 6.96% of the company's existingissued share capital and 6.51% of its issued share capital as enlarged by the issueof the conversion shares.

Credit China plans to use the net proceeds from the issuancefor general working capital or to finance future acquisitions.