Henderson Land plans to raise HK$7.8b from convertible bonds

Henderson Land Development (0012) said it plans to issue Hong Kong dollar-denominated guaranteed convertible bonds following a report that the developer intends to raise more than HK$7.8 billion from debts.

Henderson said in a filing on Tuesday that the principal amount and the terms and conditions of the proposed offering of the bonds are yet to be determined. It plans to use the net proceeds for general corporate purposes and refinancing.

Bloomberg reported earlier that the home builder is inclined to issue HK$7.85 billion convertible bonds due in 2030 with an upsize option to raise an additional HK$150 million. The proposed conversion prices represent a 26.98 percent to 36.86 percent premium to its closing price of HK$28.35 on Tuesday.

STAFF REPORTER