CGN Power to raise 4.9 billion yuan through A-share convertible bonds

CGN Power (1816) said it plans to issue A-share convertible corporate bonds to raise 4.9 billion yuan (HK$5.36 billion). 

The nuclear power operator will issue a total of 49 million bonds at a nominal value of 100 yuan each, according to a filing on Sunday. 

The initial conversion price is 3.67 yuan per share, compared to its A-share price of 3.66 yuan on Friday. 

The bonds with a six-year term will mature on July 8, 2031. The bonds will carry a coupon rate of 0.2 percent for the first year, 0.4 percent for the second year, 0.8 percent for the third year, 1.2 percent for the fourth year, 1.6 percent for the fifth year, and 2 percent for the sixth year.

The issuance has been approved by the China Securities Regulatory Commission and is set to commence on Wednesday. 

STAFF REPORTER