By Marisa Wong
Morgantown, W.Va., Oct. 12 – Zhongsheng Group Holdings Ltd. priced HK$2.35 billion of 0% one-year convertible bonds at par on Wednesday, according to a company announcement.
The initial conversion price is HK$20.2860 per share, which is a 15% premium over the closing share price on Oct. 11.
J.P. Morgan Securities plc is the bookrunner and global coordinator for the Regulation S offering.
Proceeds will be used for general corporate purposes, including network expansion, working capital and potential repayment of offshore debt.
Zhongsheng Group is an automotive retail and services company based in Beijing.
| Issuer: | Zhongsheng Group Holdings Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | HK$2.35 billion
|
| Maturity: | Oct. 25, 2018
|
| Bookrunner: | J.P. Morgan Securities plc
|
| Coupon: | 0%
|
| Price: | Par
|
| Conversion premium: | 15%
|
| Conversion price: | HK$20.2860 per share
|
| Call option: | Clean-up call
|
| Change-of-control put: | Yes
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 30
|
| Distribution: | Regulation S
|
| Stock price: | HK$17.64 on Oct. 11
|
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