03:49 AM EDT, 07/14/2022 (MT Newswires) -- Yeahka (HKG:9923) completed the issuance of $70 million worth of convertible bonds on Wednesday, according to a same-day disclosure.
The hybrid securities bear an interest rate of 6.25% per annum and will mature on July 13, 2027. The bonds are convertible into 23,551,758 shares of the company based on the initial conversion price of HK$23.32 per share.
Roughly 80% of the deal proceeds will be used for the expansion of its overseas business, while the rest will go towards research and development, marketing and recruitment to strengthen the group's competitiveness in mainland China.
The payment solutions provider filed for the listing of the convertible bonds on the Hong Kong bourse, a separate disclosure said.