By Abigail W. Adams
Portland, Me., Dec. 18 – Viva Biotech Holdings priced $280 million five-year convertible bonds at par to yield 1% with an initial conversion premium of 35%, according to a company announcement.
J.P. Morgan Securities plc, Credit Suisse (Hong Kong) Ltd., China International Capital Corp. Hong Kong Securities Ltd. and the Hongkong and Shanghai Banking Corp. Ltd. were bookrunners for the Regulation S offering.
The bonds are callable on or after Jan. 9, 2024 at an early redemption amount for a gross yield of 2%.
They are putable on Dec. 30, 2023 at 103.08 or upon a delisting or change-of-control event.
The bonds will be redeemed at maturity at 105.23 plus accrued interest.
The bonds will be converted based on a fixed rate of HK$7.7519 to USD$1.
Net proceeds are expected to be $276 million.
Proceeds will be used for business development and expansion, refinancing the acquisition costs of the company’s 80% equity interest in Zhejiang Langhua Pharmaceutical Co., Ltd., and for general corporate purposes.
Viva Biotech is a Shanghai-based pre-discovery drug discovery service provider.
| Issuer: | Viva Biotech Holdings
|
| Securities: | Convertible bonds
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| Amount: | $280 million
|
| Maturity: | Dec. 30, 2025
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| Bookrunners: | J.P. Morgan Securities plc, Credit Suisse (Hong Kong) Ltd., China International Capital Corp. Hong Kong Securities Ltd and the Hongkong and Shanghai Banking Corp. Ltd.
|
| Coupon: | 1%
|
| Price: | Par
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| Yield: | 1%
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| Conversion premium: | 35%
|
| Conversion price: | HK$11.637
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| Call options: | Callable on or after Jan. 9, 2024
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| Put options: | Putable on Dec. 30, 2023 at 103.08 or upon a delisting or change-of-control event
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| Pricing date: | Dec. 17
|
| Distribution: | Regulation S
|
| Stock symbol: | HKG: 1873
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| Stock price: | HK$8.62 at market close Dec. 17
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