Prosperity drops HK$10 million placement of 8% convertibles due 2019

By Abigail W. Adams

Portland, Me., Jan. 18 – Prosperity International Holdings Ltd. cancelled its HK$10 million placement of 8% convertible bonds due 2019 after placement was unsuccessful due to uncertainties in the financial market, the company said in a press release.

Prosperity entered into a placing agreement on Dec. 4 for HK$30 million of 8% convertible bonds in two tranches – HK$10 million of 8% convertible bonds due 2019 and HK$20 million of 8% convertible bonds due 2020.

Victory Securities Co. Ltd served as placement agent for the best-efforts offering.

The placement of the 8% convertible bonds due 2019 was to have been completed by Jan. 18, according to the placing agreement.

Proceeds were to be used for the partial repayment of the company’s loans and for general corporate purposes, including the development and expansion of the company’s business and working capital.

The company will continue to explore other financing options, it said in the release.

Prosperity International Holdings is a Hong Kong-based company engaged in the mining and trading of iron ore.

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