By Rebecca Melvin
New York, Sept. 16 – C.P. Foods Holdings Ltd., a subsidiary of Thailand’s Charoen Pokphand Foods PCL, priced $300 million of five-year, 0.5% bonds, exchangeable into CP ALL PCL shares, according to a release.
Holders may exchange the bonds or put them for cash after two years on Sept. 22, 2018.
Upon an exchange, holders will initially be entitled to receive 90,190 CPALL shares for each $200,000 par bond, which is equal to a notional exchange price of 77.35 baht per share at the exchange rate of $1: 34.881 baht.
C.P. Foods will redeem the exchangeables on Sept. 22, 2021 at 110.58% of par.
The exchangeable bonds are expected to be listed on the Singapore Exchange by Sept. 26.
Both companies are part of Bangkok-based Charoen Pokphand Group, which is an agricultural and industrial food conglomerate.
| Issuer: | C.P. Foods Holdings Ltd.
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| Issue: | Exchangeable bonds
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| Amount: | $300 million
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| Exchange entity: | CP ALL PCL
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| Maturity: | Sept. 22, 2021
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| Coupon: | 0.5%
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| Price: | Par of $200,000
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| Redemption price: | 110.58% of par
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| Exchange price: | 77.35 baht
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| Initial exchange ratio: | 90,190 shares
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| Call feature: | Non-callable
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| Put: | Sept. 22, 2018
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| Settlement date: | Sept. 22
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| Stock symbol: | Bangkok: CPALL
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| Stock price: | 58.50 baht at close on Sept. 16
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