By Sheri Kasprzak
New York, June 21 - China Unicom Ltd. has closed a $1 billion private placement of convertible bonds with SK Telecom Co. Ltd.
SK Telecom bought zero-coupon bonds, which are due in 2009 and are convertible into a total of 899,745,075 common shares at HK$8.63 each.
Proceed will be used for general corporate purposes and for working capital.
The offering was conducted as part of a strategic alliance between China International Capital Corp., China Unicom's parent, and SK Telecom to develop China International Capital's code division multiple access cellular communications business in mainland China.
China Unicom, based in Hong Kong, is a telecommunications service provider.
| Issuer: | China Unicom Ltd.
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| Issue: | Convertible bonds
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| Amount: | $1 billion
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| Maturity: | 2009
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| Coupon: | 0%
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| Conversion price: | HK$8.63
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| Warrants: | No
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| Investor: | SK Telecom Co. Ltd.
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| Settlement date: | June 20
|
| Stock symbol: | Hong Kong: 762
|
| Stock price: | HK$6.70 at close June 20
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