Motor Vehicles and Parts News
- SAIC Motor offers convertible bonds
Date: 18-Dec-2007 Sources: (Shenzhen Daily)
SAIC Motor Corp., China's biggest carmaker, said Sunday it was launching an issue of 6.3 billion yuan (US$855 million) of convertible bonds with detachable warrants to fund its expansion.
The six-year bonds would have a coupon of between 0.8 and 1.2 percent, SAIC said, with the final pricing decided on the basis of demand from institutional and retail investors. Subscriptions to the offer, divided equally into institutional and retail tranches, will be taken Wednesday. SAIC's parent group has said it will exercise its right as a priority subscriber to buy at least 800 million yuan of bonds. Each bond will have a face value of 100 yuan and carry 3.6 warrants convertible into SAIC shares, exercisable at the end of 24 months at a price of 27.43 yuan per share. SAIC shares last closed at 25.40 yuan.
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