China Hongqiao Group, one of the country’s largest aluminium producers, raised $220 million in an accelerated share placement to pay down debt and acquire more upstream assets.
The Shandong province-based company on Thursday sold 275.9 million shares at HK$6.19 per share, a 9.1% discount to the September 3 close of HK$6.81, according to a term sheet seen by FinanceAsia.
It was the bottom of the initial range of HK$6.19 and HK$6.36 per unit, which represented a 6.6% to 9.1% discount to its September 3 close.
Books were covered a few hours after the China Hongqiao deal launched...
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