Alternative investment firm Evolution Capital has acquired HK$1.75 billion (US$225.8 million) of convertible bonds of The 13 Holdings Ltd.
The shares, which would arise on conversion, represent approximately 36.8 percent of the existing used capital of the company.
Michael Lerch, founder and CIO of Evolution said, “We are tremendously excited to be positioned as a major beneficiary of The 13’s future success and have great faith in the management team and their business plan. The property, nearing completion in Macau, is exceptional and truly sets a new standard in luxury hotels. We are fully committed to supporting management in bringing their vision of luxury to fruition whether it be through capital or financial expertise.”
Stephen Hung, Co-Chairman of The 13 Holdings Limited, said, “Evolution has shown a deep understanding of the business and market through its experience in investing in Asian gaming as well as tremendous insight into The 13’s market positioning and strategy. We are very excited that an investor of Evolution’s stature is becoming a major stakeholder as we take the final steps in realizing The 13 vision for all our shareholders and convertible bond investors.”