By Kenneth Lim
Boston, March 18 - China Green (Holdings) Ltd. priced RMB 1.35 billion of three-year convertible senior unsecured notes on Wednesday at the cheap end of talk with a coupon of 3% and an initial conversion premium of 20%.
Price talk was at a coupon of 2.5% to 3% and an initial conversion premium of 20% to 25%.
The notes were sold at par of RMB 100,000 per note. They will be redeemed at 106.388 at maturity for a yield to maturity of 4.75%.
Price talk was for a redemption price of 104.76 to 107.98 and a yield to maturity of 4.5% to 5%.
The offering amount was initially set at RMB 1.2 billion with an over-allotment option for an additional RMB 300 million, but the greenshoe is now RMB 150 million.
UBS Investment Bank and Macquarie are the bookrunners of the Regulation S offering.
The notes will be non-callable, and there are no puts.
The notes have dividend and takeover protection.
Proceeds will be used to repay existing convertible bonds and for capital expenditure.
China Green is a Hong Kong-based produce farmer and processor.
| Issuer: | China Green (Holdings) Ltd.
|
| Issue: | Convertible senior unsecured notes
|
| Bookrunners: | UBS Investment Bank and Macquarie
|
| Amount: | RMB 1.35 billion
|
| Greenshoe: | RMB 150 million
|
| Maturity: | April 12, 2013
|
| Coupon: | 3%
|
| Price: | Par
|
| Redemption price: | 106.388
|
| Yield: | 4.75%
|
| Conversion premium: | 20%
|
| Conversion price: | HK$11.244
|
| Conversion ratio: | 10,113.2956
|
| Dividend protection: | Conversion price adjustment if dividends exceed 30% of net profit
|
| Takeover protection: | Change-of-control put
|
| Call protection: | Non-callable
|
| Puts: | None
|
| Price talk: | 2.5%-3%, up 20%-25%
|
| Pricing date: | March 17
|
| Settlement date: | April 12
|
| Distribution: | Regulation S
|
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