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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Finance

Finance

IT firm Xero launches $850 million convertible note sale due 2031.

image credit: xero workspace image credit: xero workspace
image credit: xero workspace image credit: xero workspace

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On Tuesday, software service firm Xero announced that it will raise $850 million by selling fixed coupon guaranteed senior unsecured convertible notes due to be repaid in 2031.
The decision comes after a recent spike in convertible bond offerings, including deals for $4.5 billion from Alibaba as well as major issues from Lenovo and JD.com  worth $2 billion and $1.5 billion, respectively.

image credit:
Xero

Bloomberg News reported on Monday that Chinese developer Poly Developments & Holdings Group was considering selling $1.7 billion in convertible bonds.
Xero stated in its statement that it intends to list the notes on the Singapore Stock Exchange.
The net proceeds will be used to repurchase outstanding notes as well as fund new acquisitions and investments, according to the IT firm.
Xero announced that its subsidiary, Xero Investments, was initiating a reverse bookbuilding process to recruit investors for the company’s $700 million buyback program of existing convertible bonds.


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