Bonds News
- Wuhan Steel to offer convertible bonds
Date: 22-Mar-2007 Sources: (Shenzhen Daily)
MAJOR steel mill Wuhan Iron and Steel Co. said yesterday it would offer 7.5 billion yuan (US$970 million) of convertible bonds with detachable warrants next week to fund new steel projects.
The five-year bonds would be offered to retail and institutional investors with the coupon in an indicative range of 1.20 to 1.80 percent, the company said in a statement. Subscriptions will be taken next Monday. For every 100 yuan of bonds they purchase, investors will receive 9.7 warrants, allowing them to buy new Wuhan Steel shares at 10.20 yuan, it said. The shares last closed at 9.14 yuan. Funds raised from the offer will be invested in four steel production projects costing a total of 14.95 billion yuan.
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