China Nonferrous Mining to issue $300 million convertible bonds (updated)
UPDATE 2-China Nonferrous Mining to issue $300 million convertible bonds Updates August 26 story with company filing on August 27
By Yantoultra Ngui
HONG KONG, Aug 26 (Reuters) - China Nonferrous Mining Corp 1258.HK said on Thursday it would issue $300 million of U.S. dollar-denominated convertible bonds due 2031, according to a stock exchange filing.
The Hong Kong-listed copper producer will sell the bonds at 100.5% of their face value. The bonds will not pay interest and can be converted into company shares at an initial price of HK$22.18 ($2.83) each.
That price is a 29% premium to the company's HK$17.20 closing share price on Wednesday. Shares of the company dropped 3% to HK$16.68 on Thursday.
China Nonferrous Mining plans to use the money to build a sulphide ore project in Luanshya, Zambia.
Reuters reported late on Wednesday that the company was launching the deal.
China International Capital Corporation (CICC) is the sole global coordinator, lead manager and bookrunner for the deal, the filing showed.
($1 = 7.8403 Hong Kong dollars)
(Reporting by Yantoultra Ngui; Editing by Louise Heavens and Jamie Freed)
((Yantoultra.Ngui@thomsonreuters.com;))
Recent news on China Nonferrous Mining
See all newsBrief: China Nonferrous Mining Produced 104,961 Tonnes Copper Cathodes For Nine Months
Lmeweek: Copper squeeze breathes new life into old mines
Jiangxi Copper leads slide in HK-listed miners as metal prices dip
China Nonferrous Mining slips on convertible bonds issue for Zambia project
Brief: China Nonferrous Mining Proposes Issue Of $300 Million Bonds