China Nonferrous Mining launches up to $300m convertible bond deal, term sheet shows
HONG KONG - China Nonferrous Mining Corporation is launching a sale of up to $300-million of US dollar-denominated convertible bonds due 2031, according to a term sheet seen by Reuters on Wednesday.
The Hong Kong-listed copper producer plans to use the money to support the construction and development of overseas copper mining projects, the term sheet showed.
The bonds will carry no coupon and will be senior unsecured debt. They will be issued at 100.5% of face value and redeemed at 100% at maturity, giving a yield to maturity of minus 0.10%.
Investors will have the right to sell the bonds back to the company after three years at 100% of face value. The yield to that put date is minus 0.17%.
The bonds can be converted into China Nonferrous Mining shares at a 21.5% to 31.5% premium over the reference share price of HK$17.20 ($2.19), the stock's closing price on Wednesday.
China Nonferrous Mining did not immediately respond to a request seeking comment after working hours on Wednesday.
