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China lottery company pair bet on convertible demand
LotSynergy, a technology company dedicated to the lottery business in China, priced an investor friendly convertible on Wednesday, relying mostly on long only accounts due to a lack of stock borrow available.
The five year put three deal was launched on April 8 with a coupon range of 4%-5% and a conversion premium range of 20%-30% over the closing share price of HK$0.76. The base issue size was HK$580m ($74.8m), with a HK$200m increase option.
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