Varitronics in note issue

PUBLISHED : Tuesday, 08 February, 1994, 12:00am
UPDATED : Tuesday, 08 February, 1994, 12:00am

HONG Kong-listed Varitronix International will sign an agreement today to issue 50 million Swiss francs (about HK$261 million) of US$-Swiss franc, dual-currency convertible notes.

The issue, which is underwritten by Schroders, will be a private placement to institutional investors in Switzerland.

The notes will be convertible into Varitronix shares at an initial conversion price of $11.40, from February 28, 1994 until June 19, 2000.

They will carry an interest rate of 21/8 per cent a year and mature on June 30, 2000.