Xtep sells bonds to Hillhouse to help internationalize K-Swiss and Palladium

2021-09-14T16:30:00+01:00

Xtep International has completed a $129.4 million convertible bond offering intended to expand the presence of its K-Swiss and Palladium brands internationally. The debt offering consisted of two tranches, a U.S.-dollar-denominated tranche of $65 million with a zero coupon and a tranche worth 500 millionn Hong Kong dollars ($65.4 million) with an annual 1.8 percent yield. Both tranches were placed with entities controlled by Hillhouse Capital, which has also invested in Fanatics, Belle International and On Holdings.

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