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41.34 | 0.51% | 8,213.49 | 8,248.73 | 8,172.15 | 8,172.15 | 0 | 16:35:30 |
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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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