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HKEx to issue US$500 mln convertible bonds

Sep. 25, 2012 (China Knowledge) - Hong Kong Exchanges and Clearing Ltd or HKEx<0388>, the world's leading exchange operator by market value, has announced that it plans to issue US$500 million worth of convertible bonds.

The insurer said in a statement that the convertible bonds will carry a coupon rate of 0.5%. The conversion price is set at HK$160 apiece, which represented a 34.57% premium over the closing price of HK$118.9 on Monday.

Proceeds from the deal will be used to acquire LME Holdings Ltd.

Deutsche Bank AG, HSBC Holdings<0005> and UBS will be the lead manager for the issue.

On Jun 15, 2012, HKEx declared to purchase LME Holdings Ltd at a price of £1.39 billion or about US$2.25 billion. At present, the exchange operator had acquired about £1.1 billion worth of bank loans from China Development Bank, Deutsche Bank, HSBC and UBS.

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