China Communications Construction Plans $3 Billion Convertible Bonds Sale
By Gaurav Raghuvanshi
China Communications Construction Co. Ltd. (1800.HK) plans to sell convertible bonds worth up to 20 billion yuan (US$3 billion) that can be converted to A shares listed on the Shanghai Stock Exchange.
The convertible bonds will be issued for a term of six years and will offer an annual interest rate that will be determined by market conditions and the underwriters for the sale, China Communications said in a regulatory filing with the Hong Kong Exchange late Tuesday.
The company will use the proceeds for infrastructure investments and purchase of engineering ships and mechanical equipment.
Write to Gaurav Raghuvanshi at firstname.lastname@example.org
(END) Dow Jones Newswires
September 26, 2017 20:49 ET (00:49 GMT)