Brilliance China issuing $170m conv bonds-source

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Last updated at: (Beijing Time) Thursday, October 30, 2003

Brilliance China issuing $170m conv bonds-source

Brilliance China Automotive Holdings Ltd, the mainland's largest minibus maker, is issuing US$170 million in convertible bonds, a banking source told Reuters on Tuesday.

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Brilliance China Automotive Holdings Ltd, the mainland's largest minibus maker, is issuing US$170 million in convertible bonds, a banking source told Reuters on Tuesday.

The conversion price of the bonds will be set later on Tuesday at a premium of 34 to 38 percent of the stock's closing price of HK$3.35, the source said. That would put the conversion price in a range of HK$4.489-$4.623.

The zero-coupon bonds will yield 75 basis points per year, the source said.

Citigroup, which handled a recent share placement by the firm, is arranging the sale.

Brilliance recently began making BMW sedans in China under a joint venture with the German luxury carmaker.

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