HONG KONG: Hong Kong’s Cathay Pacific Airways Ltd said yesterday it would issue HK$6.74bil (US$869.51mil) of convertible bonds to shore up liquidity, sending shares down as much as 9.4% in the worst daily decline in 12 years.
The five-year bonds will be dilutive to existing investors, representing 10.89% of the company’s enlarged capital once they are converted into shares.
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