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XinAo Gas greenshoe exercised, raising convertibles to HK$550 million
New York, Nov. 29 - XinAo Gas Holdings Ltd. said the underwriter of its recent offering of zero-coupon convertible bonds exercised the HK$75 million over-allotment option in full, raising the size of the deal to HK$550 million.
The Hong Kong-based operator of natural gas distribution networks in China originally priced HK$475 million of the securities after the market closed on Oct. 25 to yield 1.25% with a 25% initial conversion premium.
Deutsche Bank AG London was lead manager for the Regulation S offering.
XinAo will use HK$156 million of the proceeds to repay debt, HK$358 million for investments in the company's core business in China and the remainder for working capital.
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