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Hong Kong's Henderson Land to raise $1 billion through convertible bonds

Hong Kong's Henderson Land to raise $1 billion through convertible bonds

Time of India3 days ago
BENGALURU |
HONG KONG
:
Henderson Land Development
is raising HK$8 billion ($1.02 billion) through convertible bonds for general corporate purposes and refinancing, the Hong Kong property developer said.
The convertible bond issue was announced on Tuesday by Henderson Land, which was founded by
Lee Shau Kee
, the late Hong Kong property magnate and one of the city's richest men.
The initial conversion price is HK$36 per share, and, if the bonds are converted fully, will increase Henderson Land's equity capital by 4.6%.
Henderson Land's shares tumbled by as much as 11% on Wednesday morning to HK$25.2 in a reaction to the announcement, before trimming the loss to be down 8.6%. The main
Hang Seng Index
was down 0.7%.
The shares have gained around 36% in the past three months, riding on the property sector's low valuations and on expectations that the property market was bottoming out.
"It is likely a chance for profit-taking, given there's still uncertainty in the property market," said an independent Hong Kong-based analyst, referring to the stock's sharp drop on Wednesday.
Hong Kong's home prices have dropped by nearly 30% from a 2021 peak, while office vacancy rates reached record highs. Henderson Land is one of the largest office landlords in the city's Central Financial District, facing pressure from oversupply.
Henderson Land said in the filing on Tuesday that the fundraising would "diversify the funding sources of the group" for its ongoing business development.
Morgan Stanley said in a note that the convertible bonds' interest rate of 0.5% is much lower than the group's 4.51% average funding cost last year, and it could save annual interest of HK$320 million.
The net proceeds from the issue of the bonds will be around HK$7.92 billion, Henderson Land said.
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