China’s Country Garden Services plans to raise $2b from share sale, bond issue

Country Garden Services Holdings Co Ltd said on Tuesday it plans to raise HK$15.5 billion ($2 billion) from a share sale and a convertible bond issue to fund merger and acquisition projects.

The property management unit of developer Country Garden aims to sell 139.38 million new shares, or 4.35% of the enlarged share capital, to third party investors for HK$10.5 billion.

They will be issued at HK$75.25 apiece, representing a 6% discount to Monday’s close of HK$80.05.

The company, which has a market cap of some $30 billion, also plans to issue HK$5 billion in bonds which would be convertible at HK$97.83 per share.

UBS, China International Capital Corporation and Morgan Stanley are the placing agents and managers.

Reuters

Go to Source