By Evan Weinberger
New York, Aug. 30 - China Wheel Holdings, Ltd. closed a sale of $25 million in 3% convertible bonds due Aug. 29, 2012.
Lehman Brothers Commercial Corp. Ltd. is the bookrunner of the Regulation S transaction.
The convertibles have a conversion price of S$1.045. The fixed exchange rate is set at S$1.5265 to each $1.
If not converted, the bonds will be redeemed by the company on the maturity date at 125%.
The convertibles are callable after three years subject to a 130% hurdle. They are puttable on Aug. 29, 2010 at a return of 115%.
The convertibles have takeover protection. They will be listed on the Singapore Stock Exchange.
China Wheel is a Guangzhou, China-based producer of aluminum alloy automobile wheels. The company plans to use the proceeds to fund the construction of a new plant in Tianjin, China and for general corporate purposes.
Issuer: China Wheel Holdings, Ltd.
Issue: Convertible bonds
Amount: $25 million
Maturity: Aug. 29, 2012
Coupon: 3%
Price: Par
| Redemption price: | 125
|
| Conversion price: | S$1.045
|
| Call: | After three years, subject to 130% hurdle
|
| Put: | Aug. 29, 2010 at 115%
|
| Bookrunner: | Lehman Brothers Commercial Corp. Ltd.
|
| Distribution: | Regulation S
|
| Pricing date: | July 24
|
| Closing date: | Aug. 29
|
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