By Abigail W. Adams
Portland, Me., April 29 – Weimob Investment Ltd. issued $85 million 7.5% convertible notes due 2029 at par on Tuesday with a redemption price of 109.22 to yield 9%, according to a listing announcement with the Singapore Exchange.
The initial conversion price is HK$1.30.
BofA Securities Inc. was sole global coordinator and bookrunner for the Regulation S offering.
The notes are non-callable until May 13, 2027 and then subject to a 130% hurdle.
They are putable at 103.21 on April 29, 2026 or upon a fundamental change.
Subscribers to the offering included holders of the company’s 0% convertible bonds due 2026, shareholder Tencent Holdings Ltd. and new investors.
Weimob is a Shanghai-based cloud-based business and marketing solutions provider.
| Issuer: | Weimob Investment Ltd.
|
| Amount: | $85 million
|
| Issue: | Senior convertible bonds
|
| Maturity: | April 29, 2029
|
| Bookrunner: | BofA Securities Inc.
|
| Coupon: | 7.5%
|
| Price: | Par
|
| Redemption price: | 109.22
|
| Yield: | 9%
|
| Conversion price: | HK$1.30
|
| Call options: | Non-callable until May 13, 2027 and then subject to a 130% hurdle
|
| Put options: | April 29, 2026 or upon a fundamental change
|
| Pricing date: | April 18
|
| Settlement date: | April 29
|
| Distribution: | Regulation S
|
| Stock symbol: | HKG: 2013
|
| Market capitalization: | HK$4.02 billion
|
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