Midea Raises $2.2 Billion From Upsized Convertible Bond Sale

Midea Group Co. raised $2.2 billion from a sale of convertible bonds as voracious demand helped the Chinese appliance maker to upsize the deal, Asia’s second-largest such offering this year.

The company increased the offering size of the dual-tranche convertible bonds with zero coupon early Thursday. It raised the amount in each tranche to HK$8.62 billion ($1.1 billion) from HK$7.84 billion, with the first due in May 2027 and the second in May 2033, according to terms of the deal seen by Bloomberg News. It initially sought to raise $2 billion.