By Abigail W. Adams
Portland, Me., May 14 – Zhongsheng Group Holdings Ltd. announced on Thursday that it has entered into a bond subscription agreement for HK$4.5 billion zero-coupon convertible bonds with joint global coordinators and bookrunners BofA Securities and Morgan Stanley, according to a company news release.
The conversion price has been set at HK$45.61.
Proceeds will be used to fund the repurchase of the 0% convertible bonds due 2023, to repay the company’s offshore debt and for offshore working capital purposes.
Zhongsheng Group Holdings is a Beijing-based automotive retail and services company.
| Issuer: | Zhongsheng Group Holdings Ltd.
|
| Securities: | Convertible bond
|
| Amount: | HK$4.5 billion
|
| Maturity: | 2025
|
| Bookrunners: | BofA Securities and Morgan Stanley
|
| Coupon: | 0%
|
| Conversion price: | HK$45.61
|
| Pricing date: | May14
|
| Stock symbol: | HKG: 0881
|
| Stock price: | HK$35.75
|
| Market capitalization: | HK$81.21 billion
|
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