HK Stock Market Move | CATHAY PAC AIR(00293) is up more than 15%, plans to repurchase guaranteed convertible bonds maturing in 2026.

CATHAY PAC AIR (00293) surged more than 15%, rising 14.93% to HK$9.24 with a turnover of HK$2.92 billion. In terms of news, CATHAY PAC AIR announced that on November 14, 2024, its wholly-owned subsidiary Cathay Pacific Finance III Limited (issuer) and the company entered into a transaction manager agreement with the joint transaction manager. According to this, the joint transaction manager has been appointed for repurchases to assist the issuer in collecting intentions from bondholders willing to sell all or part of their existing bonds to the issuer. As of the date of this announcement, the issuer has received commitments from bondholders to sell existing bonds to the issuer with a total principal amount of HK$6.078 billion, together with converted and cancelled bonds, representing approximately 90.30% of the original issuance bonds by principal amount. The issuer may, at its sole discretion, decide to continue to accept offers to purchase existing bonds at the repurchase price at any time after the date of this announcement and before the end of the VWAP period. As of the date of this announcement, the total outstanding principal amount of the bonds (i.e. existing bonds) is HK$6.732 billion, which can all be converted into 850 million shares.