CSSC (Hong Kong) Shipping to Raise HK$2.3 Billion via 2031 Convertible Bond Issue

CSSC (Hong Kong) Shipping Company Limited ( (HK:3877) ) has shared an announcement.

CSSC (Hong Kong) Shipping Company Limited plans to raise HK$2.338 billion through the issue of 0.75% guaranteed convertible bonds due 2031 under its general mandate, with the bonds to be issued by CSSC Capital 2015 Limited and unconditionally and irrevocably guaranteed by the company. The bonds, priced with an initial conversion price of HK$2.39 per share, could convert into about 978.2 million new shares, representing roughly 13.63% of the enlarged share capital upon full conversion, and are intended to be listed on the Hong Kong Stock Exchange; net proceeds of about HK$2.322 billion will be used for working capital and general corporate purposes including loan repayment, vessel purchase payments and other lending costs, potentially strengthening the company’s capital structure and funding capacity for fleet and financing expansion.

The most recent analyst rating on (HK:3877) stock is a Buy with a HK$2.50 price target. To see the full list of analyst forecasts on CSSC (Hong Kong) Shipping Company Limited stock, see the HK:3877 Stock Forecast page.

More about CSSC (Hong Kong) Shipping Company Limited

CSSC (Hong Kong) Shipping Company Limited is a Hong Kong–incorporated ship leasing and marine finance company engaged in providing vessel leasing, related financing and loan services to the global shipping and offshore industries, with a market focus on supporting vessel procurement and operations for shipping clients.

Average Trading Volume: 15,073,789

Technical Sentiment Signal: Buy

Current Market Cap: HK$13.95B

See more data about 3877 stock on TipRanks’ Stock Analysis page.