By Abigail W. Adams
Portland, Me., April 25 – First Sponsor Group Ltd. priced S$147.87 million of 3.98% perpetual series 2 convertible securities with detachable warrants at a purchase price of S$1.30, according to a company news release.
The convertible securities carry a conversion price of S$1.30, which represents a 2.36% premium over the last reported sales price of the stock.
The detachable warrants carry the right to subscribe for one series 2 convertible security for every seven shares held by the shareholder or one warrant for every series 2 convertible security subscribed for, according to the release.
The issue also included a bonus issue of up to 79,624,971 warrants.
The deal was not underwritten and is renounceable, according to the release.
The securities are callable upon a tax event, for accounting reasons or if there is a minimum amount of the principal outstanding.
They will be listed for trade on the Singapore Exchange Ltd.
First Sponsor Group is a Singapore-based investment holding company.
| Issuer: | First Sponsor Group
|
| Securities: | Series 2 convertible securities
|
| Amount: | S$147.87 million
|
| Maturity: | Perpetual
|
| Coupon: | 3.98%
|
| Price: | S$1.30
|
| Yield: | 3.98%
|
| Conversion premium: | 2.36%
|
| Conversion price: | S$1.30
|
| Conversion rate: | To be determined by dividing principal amount by conversion price on conversion date
|
| Call options: | Callable upon a tax event, for accounting reasons or because of a minimum amount outstanding
|
| Announcement date: | April 25
|
| Stock symbol: | SP: FSG
|
| Stock price: | S$1.28 at market close April 25
|
| Market capitalization: | S$1.008 billion
|
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