Lenovo made its debut in Asia’s equity-linked market on Tuesday as the Chinese technology giant raised $675 million from a convertible bond issue to repay a massive US dollar debt due in four months.
The world’s largest personal computer maker tapped the hybrid security at a time when its gearing ratio hit its highest level since it went public in 1999. Its net debt-to-equity ratio reached 43% as of the end of March last year, up significantly from 4% a year earlier.
Through the years Lenovo has never raised any equity because the company was in a net cash position every year until the 201415 financial...
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