Sinopec Controlling Shareholder to Issue HK$7.75 Billion Exchangeable Bonds

MT Newswires Live
05/14

Deep Development 2025, a wholly-owned offshore subsidiary of China Petroleum & Chemical (HKG:0386, SHA:600028) controlling shareholder Sinopec Group, will issue HK$7.75 billion in exchangeable bonds.

The bonds have a term of seven years and a coupon rate of 0.75%, redeemable on the third and fifth anniversary from May 20, 2025, according to a Wednesday filing with the Hong Kong bourse.

The initial exchange price for the bonds is HK$6.

Proceeds from the offering will be used to refinance existing medium and long-term offshore indebtedness, the filing said.

The bonds will be listed in Hong Kong.

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