The big model of national production, MiniMax, officially landed on the offshore debt market

On 16 July, MiniMax, the head company of the Large National Production Model, officially landed on the offshore debt market and, according to the system, the company had successfully issued HK$6.5 billion in guaranteed convertible bonds at an initial swap price of HK$ 335, which is 25 per cent higher than the reference price of HK$268. According to the solicitation notes, the bond was arranged by Morgan Stanley and the Swiss Bank at an annual rate of 2.75 cents, with a semi-annual interest rate of 102.75 per cent of the principal at maturity, and the bond would expire in 2027. Previously, on the day the ban expired (10 July), rare technology announced that 35.6 million new shares would be sold at HK$268 per share to raise approximately HK$ 9.5 billion. It was also announced that HK$6.5 billion will be issued as a zero-interest-convertable bond, totalling some HK$ 16 billion. It is worth noting that the trigger threshold for for foreclosure for the issuer of the negotiable debt is 120 per cent, whereas the common trigger threshold for offshore transactions is 130 per cent, and foreclosure can be exercised after 20 trading days and the trigger condition is 10 of 20 trading days. China Gold ' s solid collection team indicated that the condition was more friendly to the issuer. (Sinhua)