In the largest issue of international convertible bonds by a Chinese company to date, a subsidiary of China Unicom (Hong Kong), a Hong Kong and New York-listed China telecommunications service provider, recently completed a US$1.8 billion Regulation S international offering of such bonds.
The five-year convertible bonds, listed on the Hong Kong Stock Exchange, are guaranteed by China Unicom (Hong Kong) and will mature in October 2015. They are convertible into common shares of China Unicom (Hong Kong). The bondholders may request that shares issued upon conversion be delivered in the form of China Unicom’s American depositary shares, which are listed on the New York Stock Exchange.
Proceeds raised from the issue will be used as working capital and for other general corporate purposes.
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