China Shanshui Cement Group Limited (SEHK:691) announced that it has entered into a subscription agreement for private placement of convertible bonds for gross proceeds of $210,900,000 on August 6, 2018. The bonds are having redeemable, unconditional, unsecured and unsubordinated obligations. The transaction will include participation from Cithara Global Multi-Strategy SPC – CMB Chung Wai Greater China Alpha Strategy SP. The bond is carries a fixed interest rate of 20% per annum which shall be payable by the company semi-annually in arrears in the sixth month after the issue date and in every sixth month thereafter to and including the maturity date. The bonds will mature in three years from the issuance date. The bonds will issue at par value. The bonds are issued in registered form and will be in denominations of $100,000, and integral multiples of $100,000 in excess thereof. The bonds are fully convertible into 261,529,411 common shares representing approximately 7.74% of the issued share capital of the company at a initial conversion price of HKD 6.29 ($0.8014) per share. The transaction is expected to close on September 7, 2018. The company will receive net proceeds of $210,700,000.