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CHINA: Tsingtao Brewery targets expansion with bond offering

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Tsingtao Brewery is looking to raise over US$200m, to invest in expansion, through a bond offering.

The Chinese company, which is 27%-owned by Anheuser-Busch, said today (31 March) that it will offer CNY1.5bn ($214m) of convertible bonds with detachable warrants. The six-year bonds will have a coupon between 0.8% and 1.5%, with the A-share warrants carrying an indicative exercise price of CNY28.32. The offer, which will open for subscription on Wednesday of this week, will be split between institutional and retail tranches, Tsingtao said.

Proceeds from the bond sale will be used to fund the construction of five new breweries in China, as well as to increase the company's present malt production capacity.

Tsingtao was given the go-ahead for the bond issuance earlier this month by the China Securities Regulatory Commission.


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