MicroPort hits near 4-year low on plan to issue convertible bonds

MicroPort Scientific

06/12/2023 06:58

** Shares of MicroPort Scientific Corp  0853.HK  drop as
much as 22.8% to HK$8.93, their lowest since February 2020
    ** Stock on track for second session of decline amid
concerns over plan to issue convertible bonds 
    ** Stock marks the biggest one-day pct drop since debut in
September 2010; biggest pct loser in Hang Seng Composite Index
 .HSCI  
    ** Cardiovascular devices developer and manufacturer
proposes to issue of $220 mln 5.75% convertible bonds due 2028
to independent or institutional investors, raising proceeds for
refinancing medium and long-term offshore debts 
    ** Says the bonds are convertible into company shares at
HK$12.7790 each, subject to adjustment 
    ** Co also proposes to repurchase $700 mln zero coupon
convertible bonds due 2026 and it may continue to purchase the
existing convertible bonds in the open market
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both rise 1.1%
    ** Stock down 56.5% YTD 

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))