Miniso Group Holding (MNSO) said Monday it expects to raise $550 million through an offering of equity-linked securities maturing in 2032.

Holders of the securities may exchange them for cash starting six years after the closing date of the offering. The securities will bear a 0.5% annual interest rate, the company said.

Miniso said it also plans related call spread transactions to limit share dilution and reduce market risk.

Half of the net proceeds from the offering and call spread transactions will be allocated toward growth projects, while the other half will fund share repurchases under existing programs, Miniso added.

The offering is expected to close around Jan. 14, the company said.

Shares of the company were down more than 8% in recent Monday trading.

Price: 25.25, Change: -2.32, Percent Change: -8.40