Brilliance China issuing $170m conv bonds-source
( 2003-10-30 16:33) (Agencies)
Brilliance China Automotive Holdings Ltd, the mainland's largest minibus
maker, is issuing US$170 million in convertible bonds, a banking source told
Reuters on Tuesday.
The conversion price of the bonds will be set later on Tuesday at a premium
of 34 to 38 percent of the stock's closing price of HK$3.35, the source said.
That would put the conversion price in a range of HK$4.489-$4.623.
The zero-coupon bonds will yield 75 basis points per year, the source said.
Citigroup, which handled a recent share placement by the firm, is arranging
the sale.
Brilliance recently began making BMW sedans in China under a joint
venture with the German luxury carmaker.
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