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2002-9-2 10:37:00 a.m. HKT, XFNA
Creative Energy to place 4.5 mln usd worth of 5-yr bonds with warrants
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HONG KONG (AFX-ASIA) - Creative Energy Solutions Holdings Ltd (8019.HK)
said it has proposed to place 4.5 mln usd worth of bonds with warrants
attached to Global Convertible Megatrend and its associates and Peter Beck &
Partner Vermogensverwaltung.
The 5-year bonds carry a coupon of 2.5 pct.
Bondholders can exercise the warrants into company shares at an initial
subscription price of 1.50 hkd per share, subject to adjustment.
Assuming full exercise of the warrants, the company will issue 24 mln new
shares or 5.47 pct of its enlarged share capital.
Net proceeds of 4.23 mln usd will be used to finance the working capital
needs of the Savin 2000 II project, the company said in a statement.
rachel.arputharajoo@afxnews.com
ra/jg
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