MMG, a subsidiary of state-owned China Minmetals Corporation, has completed a HKD6.27 billion (USD800 million) share placement and issued USD800 million in zero-coupon convertible bonds, raising around USD1.6 billion in total. DeHeng Law Offices and Linklaters advised on the transaction.
The share placement involved the issuance of 706 million new shares at HKD8.88 per share in Hong Kong. The convertible bonds were issued with an initial conversion price of HKD10.21 per share and will mature in 2027. The bonds have been listed on the Vienna MTF operated by the Vienna Stock Exchange.
DeHeng advised the issuer on PRC law, with partners Hou Zhiwei and Zhang Yan on the team.
Linklaters acted as international legal counsel to the underwriters, CITIC Securities, Morgan Stanley, BofA Securities and Citi. Partners Taiki Ki and Donnelly Chan led the team.
MMG’s offering announcement said the proceeds would be used to refinance existing borrowings, support the development and expansion of existing projects, fund strategic acquisitions and investments, strengthen working capital and meet general corporate purposes.
