Louis XIII raises HK$2.17b in bond, share sale

Louis XIII Holdings said it has raised a total of HK$2.17 billion ($2.8 million) through the sale of convertible bonds and shares to finance an upgrade to interiors of its hotel development in Macau.
In a filing with the Hong Kong Stock Exchange, the company said that since Dec. 19th a total of 471.3 million shares and $755.3 million bonds have been placed at $3.00 each.
The maximum number of new shares to be issued upon full conversion of the bonds at the
initial conversion price of HK$3.00 is 251,766,666 shares.
The company plans to set aside HK$530 million for contemplated upgrades to the hotel’s furniture, fixtures and equipment.
The company is building a luxury hotel and entertainment complex on the Cotai Strip. It is expected to be completed in the middle of 2016, on a site of some 65,000 square feet.