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TCL to sell convertible bonds

(China Daily)
Updated: 2007-05-23 08:39

TCL Multimedia Technology Holdings Ltd said it plans to issue $140 million in convertible bonds due 2012 to raise capital in order to reduce debt.

TCL Multimedia said in a statement yesterday that the bonds, which carry an interest of 4.5 percent per annum, would be sold to Deutsche Bank AG.

The bonds are convertible into company shares at an initial conversion price of HK$0.40 each, or 27.3 percent discount to the closing price of HK$0.55 on Friday prior to a trading suspension.