Ultimate sport

17 January 2020 By Alec Macfarlane, Sharon Lam Follow @sharonlamhk

After outrunning short-sellers, the Chinese apparel giant is issuing 1 bln euros of convertible debt that pays nothing and can’t be swapped for equity until shares rise 40%. Strong take-up will signal confidence Anta can repeat its success reviving Fila with Finland’s Amer.

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Anta Sports Products, a Chinese sportswear maker listed in Hong Kong, on Jan. 14 disclosed plans to issue 1 billion euros ($1.1 billion) worth of zero-coupon convertible bonds.

The company said the bonds are convertible into 82.1 million shares, representing 2.95% of its enlarged share capital, at HK$105.28 per share.

The conversion price represents a premium of 40% over the stock’s Jan. 13 closing price of HK$75.20.

Anta said it intends to use the proceeds for the refinancing of existing debt, working capital and other general corporate purposes. The bonds are due to mature in February 2025.

Bank of America Merrill Lynch, Citigroup and Morgan Stanley are managing the sale.

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