ZTO Express raises $870 million in convertible bonds

ZTO Express (Cayman)

25/08/2022 02:18

HONG KONG, Aug 25 (Reuters) - Chinese delivery company ZTO
Express  ZTO  has raised $870 million in convertible bonds,
according to the firm's regulatory filings on Thursday. 
    The convertible bonds are priced at a coupon of 1.5% and
carry a conversion premium of 30%, according to the filings. The
deal was launched in the U.S. trading session on Wednesday.
    The notes are due in 2027, but holders will have the right
to require ZTO to repurchase for cash all or part of their notes
in 2025, according to the term sheet.
    ZTO estimates net proceeds from this offering will be around
$855 million. 
    

 (Reporting by Scott Murdoch and Xie Yu; Editing by Sherry
Jacob-Phillips)
 ((Yu.Xie@thomsonreuters.com;))