China Unicom Sells $1.84 Billion of Convertible Bonds
This article is for subscribers only.
A unit of China Unicom (Hong Kong) Ltd., the nation’s second-largest wireless operator, sold $1.84 billion worth of convertible bonds maturing in 2015 as the company invests to expand its third-generation network.
The notes carry a 0.75 percent annual coupon and can be exchanged for shares when China Unicom stock rises to HK$15.85, about 36 percent more than yesterday’s closing price, according to a regulatory filing today. Funds will be used for working capital and “general corporate purposes,” the filing said. The shares fell the most in more than four months.