Swire Pacific Plans Cathay Pacific Share Placement Via JPMorgan

Swire Pacific plans to place Cathay Pacific shares through JPMorgan at HK$13.06 to HK$13.20 each, Bloomberg reported. The price represents a discount of 7.69% to 8.67% to Cathay Pacific's closing price of HK$14.30. With Cathay Pacific going ex-dividend tomorrow, the placement price implies a 6% to 7% discount to the ex-dividend price of HK$14.04. Swire Pacific plans to sell 363.5 million Cathay Pacific shares and raise HK$4.747 billion to HK$4.798 billion. According to the placement document, the proceeds, together with cash on hand, will be used to redeem exchangeable notes due in 2027.