China’s Ping An Insurance raises $3.5B via convertible bond sale (Pink Current Info:PNGAY)
Andy Feng/iStock Editorial via Getty Images
China’s Ping An Insurance (OTCPK:PNGAY) Tuesday reported that it has raised $3.5 billion through a convertible bond sale.
The company sold the bonds due in 2029 with a coupon of 0.875% per annum, according to a regulatory filing to the Hong Kong stock exchange.
The initial conversion price is HK$43.71 per H share, representing a premium of about 21% over the stock’s closing price in Hong Kong on Monday.
Subject to completion of the issue of the Bonds, Ping An Insurance (OTCPK:PNGAY) intends to apply the net proceeds from the issue of the Bonds to further develop the group’s core business and strengthen its capital position, support new strategic initiatives in the healthcare and elderly care sectors and for general corporate purposes.
The company’s Shanghai-listed stock fell as much as 4.4%.
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