China Agri-Industries Holdings, a producer and supplier of processed agricultural products, including biofuels, edible oils and rice, has raised $601 million from a concurrent convertible bond and placement that were extremely well received.
Investors were particularly enthusiastic about the Hong Kong-dollar denominated CB, allowing the base deal to be upsized to $400 million HK$3.1 billion from $300 million initially, while retaining a $100 million upsize option that can be exercised over the next 30 days. Although the conversion premium was fixed at best terms from the issuer's point of view, the bonds traded up in the grey market and in the early hours of the Hong Kong morning were said to be quoted...
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