Closing with a coupon of 12.5%, the five-year deal was issued with an equity kicker in the form of 81 million warrants on Thursday afternoon last week.
Initially flagged as a $200 million public bond, the issue was downsized and eventually sold into the private placement sector after the market took a turn for the worse in July.
By opting for the private route, Hong Long protected itself from unnecessary market exposure. For example, Hong Long could have publicly released the terms...
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