By Abigail W. Adams
Portland, Me., Jan. 31 – Straits Trading Co. Ltd. priced S$370 million 3.25% secured exchangeable bonds due 2028 at par on Tuesday, according to a company news release.
The bonds will be exchangeable into shares of ESR Group Ltd. held by Straits Phoenix Pte. Ltd. at an initial exchange price of HK$22.
Goldman Sachs (Asia) LLC is sole global coordinator and bookrunner for the Regulation S offering.
The bonds are non-callable until Feb. 28, 2006 and then subject to a 130% hurdle.
They are putable upon a delisting or change of shareholder event when Tan Chin Tuan Pte. Ltd. ceases to beneficially own 51% of the company’s share capital.
The bonds will be traded on the Singapore Exchange.
Proceeds will be used to refinance existing borrowings and for working capital, capital expenditures and investments of the group.
Straits Trading is a Singapore-based investment company.
| Issuer: | Straits Trading Co. Ltd.
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| Exchange entity: | ESR Group Ltd.
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| Amount: | S$370 million
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| Issue: | Secured exchangeable bonds
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| Maturity: | Feb. 13, 2028
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| Bookrunner: | Goldman Sachs (Asia) LLC
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| Coupon: | 3.25%
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| Price: | Par
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| Yield: | 3.25%
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| Exchange price: | HK$22
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| Exchange ratio: | 67,738.6364 per S$250,000 in principal
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| Pricing date: | Jan. 31
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| Settlement date: | Feb. 13
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| Distribution: | Regulation S
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| Stock symbol: | HK: 1821
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| Market capitalization: | HK$69.147 billion
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