Lenovo Group Ltd. raised $2 billion from the sale of seven-year convertible bonds. The Beijing-based company sold zero-coupon convertible bonds due in 2033 at a conversion premium of 47.5% to Wednesday's closing share price, according to an exchange filing. Proceeds will be used to refinance existing debt and fund share buybacks, with the repurchase price of existing 2029 convertible bonds set at 293.2% of the principal amount. Investor demand was multiple times the available allocation, with over 160 entities placing orders and the top 10 investors taking about half the deal. This is Lenovo's second convertible bond issue in as many years, following a $2 billion note sale to a Saudi Public Investment Fund-owned firm in 2024.
BNP Paribas SA
HSBC Holdings PLCLenovo GroupRaised $2B via convertible bonds to refinance debt and fund buybacks, with strong investor demand
MMG Ltd
JPMorgan Chase & Co