China Pacific Seeks Up to $2 Billion From Convertible Bond Sale

China Pacific Insurance (Group) Co. is seeking to raise as much as HK$15.6 billion ($2 billion) from the sale of bonds convertible into stock due September 2030, according to terms of the deal seen by Bloomberg News.

The bonds will carry a coupon of zero, the terms show. The Shanghai-based insurer will use the proceeds for developing its business, including initiatives in health care and elderly care, as well as artificial intelligence and general corporate purposes.

Bloomberg News reported Tuesday that China Pacific was considering a convertible bond sale.

Certain bookrunners will also conduct a share placement aimed at facilitating ...