China Yangtze Power Prices London IPO at $26.46 per GDR
2020年9月25日 - 03:04AM
Dow Jones News
By Ian Walker and Adriano Marchese
China Yangtze Power Co. on Thursday priced its London public
offering at $26.46 per global depositary receipt -- or GDR -- the
bottom of the range set Wednesday.
The Chinese hydropower company, which is already listed in
Shanghai, has raised $1.83 billion in its offering.
The company said previously that 80% of the money raised will be
used to repay loans for acquiring interests in companies which in
aggregate hold an 83.64% stake in Peruvian electricity-distribution
company Luz del Sur SAA.
It said that a further 6.9 million GDRs are being made available
by the over-allotment option, which if exercised in full would
increase the offer size to $2.01 billion.
China Yangtze said Wednesday it planned to raise between $2.91
billion and $3.40 billion through a public offering that would be
conducted via a bookbuild.
It also said that it would offer up to 110 million GDRs at a
price of between $26.46 and $30.95 each.
China Yangtze Power said conditional trading is expected to
start on or around Friday, with unconditional trading expected to
start on or around Sept. 30.
Goldman Sachs International, UBS AG London Branch, Huatai
Financial Holdings (Hong Kong) Ltd. and CLSA Ltd. are acting as
joint global coordinators and joint bookrunners, the company said.
China International Capital Corp. (UK) Ltd., Citigroup Global
Markets Ltd., Credit Suisse Securities (Europe) Ltd., Merrill Lynch
International and Morgan Stanley & Co. International PLC are
acting as joint bookrunners, China Yangtze Power said.
Write to Ian Walker at ian.walker@wsj.com, and Adriano Marchese
at adriano.marchese@wsj.com
(END) Dow Jones Newswires
September 24, 2020 13:49 ET (17:49 GMT)
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