Hong Kong: Struggling China Rongsheng Heavy Industries Group has issued the third tranche of HK$1bn convertible bonds this year.
The convertible bonds have an annual interest rate of 7% and a conversion price of HK$1.07 per share, a 20.15% discount from its last trading price on Wednesday.
This is the third time in a year the Hong Kong-listed shipbuilder has issued HK$1bn convertible bonds. The previous ones have an interest rate of 7% per year and HK$1.05 conversion price.
Rongsheng’s net loss last tear stood at RMB8.95bn, leading its auditor PricerwaterhouseCoopers to question whether the company can continue to operate. [02/05/14]