PEREGRINE Investments Holdings is raising the issue size of its 4.5 per cent convertible guaranteed bonds due 2000 from US$175 million to US$200 million. The joint Morgan Stanley International and Peregrine Capital lead-managed issue was announced late last night with a $30 million cover for over-allotments. Net proceeds will amount to $195 million, or $224.25 million in the event of the over-allotment cover being used. The company said the money would be used to expand its Asian business as well as for general working capital purposes. The conversion price is HK$24 per share with a fixed rate of conversion at HK$7.7235 to US$1. This deal would represent a full conversion, including the over-allotment option, of 74.01 million new shares, representing 14.1 per cent of the company's existing issued share capital.