Published on 12/16/2004 in the Prospect News Convertibles Daily and Prospect News Emerging Markets Daily.
New Issue: Feringghi prices $414.5 million exchangeable, into PLUS, yield 1.95%, up 18%
New York, Dec. 16 - Feringghi Capital Ltd. sold $375 million of 0% five-year convertible senior unsecured bonds, which convert into PLUS Expressways Bhd, plus $39.5 million of the greenshoe, at par to yield 1.95% on a redemption price of 110.189 with an 18% initial conversion premium.
The issue priced at the cheaper to midpoint of guidance to yield 1.55% to 2.05% with a 15% to 22% initial conversion premium.
Issuer: | Feringghi Capital Ltd.
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Guarantor: | Khazanah Nasional Berhad
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Reference shares: | PLUS Expressways Bhd
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Issue: | Exchangeable bond
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Amount: | $375 million
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Greenshoe: | $55 million, $39.5 million exercised
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Maturity: | December 2009
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Coupon: | 0%
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Price: | 100
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Redemption price: | 110.189
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Yield: | 1.95%
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Conversion premium: | 18%
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Conversion price: | RM3.151, or $0.829
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Call: | Non-callable for 2 years, then with 130% hurdle
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Put: | In year 2 at 103.957
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Pricing date: | Dec. 15
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Bookrunners: | CIMB Bhd and JPMorgan
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