China SAIC Motor offers 6.3 bln yuan convertibles

Newswire

SHANGHAI, Dec 16 (Reuters) - SAIC Motor Corp , China's biggest car maker, said on Sunday it was launching an issue of 6.3 billion yuan ($855 million) of convertible bonds with detachable warrants to fund its expansion. The six-year bonds will have a coupon of between 0.8 and 1.2 percent, SAIC said, with the final pricing decided on the basis of demand among institutional and retail investors. Subscriptions to the offer, divided equally into institutional and retail tranches, will be ...

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