The board of Imperial Pacific International Holdings Ltd (IPI) has announced the completion of the issuance of convertible bonds aimed at raising HK$46 million for completion of Phase 1 of its Imperial Pacific Resort project in Saipan
IPI revealed last week that it was looking to raise the extra capital via the bonds placement, stating, “The net proceeds of the placing of approximately HK$46 million will be applied towards Phase 1 of the Saipan Project and the general working capital of the Group.”
The Convertible Bonds will carry a coupon interest of 4% per annum, payable semi-annually on 30 June and 31 December, with any outstanding convertible bonds not redeemed, repurchased and cancelled or converted by the maturity date (two years after date of issue) to be redeemed at 102% of the principal amount.
IPI previously stated that, “The Directors consider raising funds by issuing Convertible Bonds is justifiable which represent an opportunity for the Company to enhance its working capital and strengthen its capital base and financial position. The Directors consider that the issue of the Convertible Bonds is an appropriate means of raising additional capital for the Company since it will not have an immediate dilution effect on the shareholding of the existing Shareholders.”
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