Tonic Industries plans up to $280 mln HK offering - term sheet

Reuters

HONG KONG, Oct 28 (Reuters) - Tonic Industries Holdings plans to raise up to $280 million in a Hong Kong shareoffering to fund part of an acquisition, according to a termsheet of the deal seen by Reuters on Monday.

The company is offering 939.8 million new shares in anindicative range of HK$2.05-$2.30, putting the total deal at upto HK$2.16 billion. The price is equivalent to a discount of upto 22.3 percent to Monday's close of HK$2.64.

China Merchants Securities, Citigroup and GoldmanSachs will act as joint bookrunners of the deal.

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