MMG completes $500m convertible bond issuance

MMG Limited announced the completion of its $500,000,000 Zero Coupon Convertible Bonds due 2030 on October 8, 2025. All conditions precedent to the issue under the subscription agreement have been satisfied.

The net proceeds from the offering, after deducting fees, commissions, and estimated expenses, are approximately $494,000,000. MMG intends to apply these net proceeds towards refinancing its existing offshore indebtedness.

The listing of and permission to deal in the bonds on the Hong Kong Stock Exchange is expected to become effective on October 9, 2025. MMG has also secured approval for the listing of, and permission to deal in, the conversion shares on the Kong Stock Exchange.

The joint global coordinators, joint lead managers, and joint bookrunners for this issuance include BofA Securities and CITIC Securities. The announcement was made by MMG Limited's chief executive and executive director, Zhao Jing Ivo.