Convertibles Calendar: ZTO Express on tap

Aug. 24

ZTO EXPRESS:

• $870 million five-year convertible notes

• $130 million greenshoe

• Coupon of 1% to 1.5% and initial conversion premium of 30% to 35%

• Non-callable

• Putable on Sept. 2, 2025 or upon a change of control or delisting event

• Rule 144A

• Goldman Sachs & Co. LLC

• To cover the cost of the call spread, to expand and invest in its logistics ecosystem and for general corporate purposes

• Shanghai-based express delivery company

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