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Chinese Estates greenshoe partly exercised again, raising convertibles to HK$1.81 billion
New York, May 23 - Chinese Estates Holdings Ltd. said the underwriters of its recent sale of zero-coupon convertible bonds due 2010 exercised a further HK$60 million of the HK$500 million greenshoe, raising the size of the deal to HK$1.81 billion.
The underwriters previously exercised $250 million of the over-allotment option on April 19.
The Hong Kong-based real-estate company originally priced HK$1.5 billion of the securities on March 9 to yield 0% with a 15% initial conversion premium.
Deutsche Bank was lead manager for the Regulation S offering.
Chinese Estates will use proceeds for working capital.
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