CTF Services (HKG:0659) looks to raise HK$2.25 billion via the issue of debt, according to a Hong Kong bourse filing Thursday.

The construction firm is looking to raise funds via the issue of 0.75% exchangeable bonds due Oct. 3, 2028.

The bonds can be exchanged for shares of Shoucheng (HKG:0697) in which CTF Services owns a 10% stake.

The initial exchange price was determined at HK$2.6565 per Shoucheng share, and bondholders would be eligible to exchange their notes for the entirety of CTF Services' holdings of 834,933,183 Shoucheng shares at a rate of 752,870.32 Shoucheng shares per HK$2 million of the bonds tendered.

The bonds are planned to be listed on the Vienna Stock Exchange, and funds raised will be used for general corporate purposes, as well as future investments.