Gome Electrical Appliance Holdings has raised $345 million from the sale of a five-year renminbi-denominated, US dollar-settled convertible bond, which it will use to cover a potential buyback of outstanding convertible bonds. The existing bonds, which were issued in 2007, can be put back to the company in May 2010.
Gome initially sold Rmb2.05 billion $300 million of the new CB late Tuesday, but after a strong performance in the secondary market, it exercised $45 million of the $50 million upsize option yesterday, bringing the total deal size to $345 million.
The offering was multiple times covered and attracted about 40 investors, some of which also hold the existing CB, the sources...
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