Full conversion of a HK$600 million $77 million convertible bond issued by the subsidiary in March has prompted a subsequent share placement led by BNP Paribas Peregrine on Tuesday.
The original convertible deal comprised an 18 month offering, carrying a coupon of 2% and a 5.7% conversion premium to China Travel International Investment's closing share price of HK$1.07 on March 21. The 530 million share deal was converted by the parent at HK$1.13 per share.
The placement, which involved the sale of 200 million secondary shares to institutional investors, was priced at HK$1.6435, a 5% discount to Monday's close, but a 4% premium to a 10 day average....
