Paul Y Engineering eyes up to US$823m capital raising

Hong Kong-listed Paul Y Engineering plans to raise up to US$823 million by issuing new shares and convertible bonds, according to a term sheet. The proceeds will be used to partly fund the acquisition of Falloncroft and to meet other working capital needs, the term sheet said. The new shares are being offered at HK$0.68 each, compared with the last traded price of HK$0.88. CLSA is the sole placement agent, the term sheet showed.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1121902/paul-y-engineering-eyes-us823m-capital-raising