MiniMax plans to issue $6.5 billion of guaranteed convertible bonds, Bloomberg reports

MiniMax (0100) plans to issue HK$6.5 billion of guaranteed convertible bonds, with an initial conversion price set at a 25 percent premium to the reference price of HK$268, or HK$335, Bloomberg reported, citing sales documents.

According to the sales documents, Minimax’s convertible bonds have a coupon rate of 2.75 percent per annum, payable semi-annually, with a redemption price of 102.75 percent of the principal amount at maturity.

The arrangers are Morgan Stanley and UBS.

MiniMax's shares plunged 17.98 percent to close at HK$297.4 on Thursday, immediately after the lock-up period for its listed shares expired, with trading volume surging to HK$6.84 billion.

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