By Rebecca Melvin
New York, June 16 - Sekisui House Ltd. priced ¥50 billion of 0% five-year convertibles at 102.5 with an initial conversion premium of 31.58%, according to a company news release.
The Regulation S offering is convertible at ¥1,000, compared to the closing price of Sekisui shares on the Tokyo Stock Exchange of ¥760 per share.
Proceeds are earmarked to finance its operations in the People's Republic of China and to repay long-term debt.
Holders can put the bonds on July 7, 2014.
There is contingent conversion if the closing price of Sekisui shares is 120% of the conversion price for 20 out of 30 consecutive trading days.
The company plans to list the bonds on the Singapore Exchange Securities Trading Ltd.
Sekisui House is a large home builder based in Japan.
| Issuer: | Sekisui House Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | ¥50 billion
|
| Maturity: | June 16, 2016
|
| Coupon: | 0%
|
| Price: | 102.5
|
| Conversion premium: | 31.58%
|
| Conversion price: | ¥1,000
|
| Puts: | July 7, 2014
|
| Contingent conversion: | Yes, at 120%
|
| Pricing date: | June 16
|
| Distribution: | Regulation S
|
| Stock symbol: | Tokyo: 1928
|
| Stock reference price: | ¥760
|
| Market capitalization: | ¥514 billion
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
