Blackstone investing $400M in Chinese company HEC

YiChang HEC Changjiang Pharmaceutical Co. Ltd. (HKSE:1558) said it will sell $400 million in convertible bonds to Blackstone Group, according to a filing on Hong Kong Exchanges and Clearing Ltd. (HKEX).

The bonds will bear 3% interest and convert into 82.6 million shares at HK$38, a 5% premium to its close of HK$36.30 on Aug. 14, when it announced the news after market hours. ...