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3SBio revises amount of convertibles committed under buyback offer
By Wendy Van Sickle
Columbus, Ohio, June 18 – 3SBio Inc. corrected the amount of bonds that have been committed to be sold under a repurchase offer for any and all of the company’s €295 million outstanding of its €300 million zero-coupon convertible bonds due 2022 (ISIN: XS1648220520), according to a notice.
The offer was announced on Wednesday, and the company corrected the commitment amount on Thursday, saying it has actually received commitments to sell from holders of €149,899,000 principal amount of the bonds.
As a result, following settlement, €145,101,000 of the bonds will remain outstanding.
3SBio said it reported a higher commitment amount on Wednesday due to a clerical error.
The repurchase price will be €107,738.32 per €100,000 principal amount, as previously reported.
Assuming full conversion of the existing bonds at the conversion price of HK$14.28 per share, the outstanding convertible bonds will be convertible into approximately 91,105,747 shares.
If less than €30 million of the convertibles become outstanding at any time, the issuer is permitted under the securities’ indenture to call the outstanding convertibles in full only.
The repurchase is being conducted concurrently with a new issue of convertibles. Proceeds of the new convertibles would be used to fund the repurchase and for general corporate purposes.
The repurchase is conditioned upon the company closing the new convertibles offering.
Settlement is expected on or about June 29.
The company has appointed as joint dealer managers Deutsche Bank AG, Hong Kong Branch and J.P. Morgan Securities plc to assist with identifying and contacting the holders of the existing convertibles regarding the repurchase offer.
3SBio is a Shenyang, China-based biotechnology company.
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