Published on 8/29/2018 in the Prospect News Convertibles Daily.
New Issue: China Conch priced HK$3.93 billion of 0% convertibles due 2023 to yield 2.75%, up 40%
New York, Aug. 29 – China Conch Venture Holdings Ltd. priced HK$3,925,000,000 of 0% convertible bonds due 2023 to yield 2.75% with a 40% initial conversion premium, according to an announcement.
Credit Suisse and JPMorgan are the lead managers for the Regulation S sale.
The convertibles have contingent conversion, are putable after two years and have a soft call after two years subject to a 130% hurdle.
Proceeds will be used for working capital and to strengthen the company’s capital base and financial position.
China Conch is a Wuhu, China-based investment holding company.
| Issuer: | China Conch Venture Holdings International Ltd.
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| Guarantor: | China Conch Venture Holdings Ltd.
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| Issue: | Guaranteed convertible bonds
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| Amount: | HK$3,925,000,000
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| Maturity: | Sept. 5, 2023
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| Coupon: | 0%
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| Price: | Par
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| Redemption price: | 114.63% of par
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| Yield: | 2.75%
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| Call: | From Sept. 5, 2020 subject to 130% hurdle at price to give 2.75% yield
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| Put: | Sept. 5, 2020 at 105.61
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| Initial conversion premium: | 40%
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| Conversion price: | HK$40.18
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| Contingent conversion: | Yes
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| Lead managers: | Credit Suisse, JPMorgan
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| Pricing date: | Aug. 29
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| Settlement date: | Sept. 5
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| Distribution: | Regulation S
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| Stock symbol: | Hong Kong: 586
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| Stock price: | HK$28.70 at close on Aug. 29
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| Market capitalization: | HK$51.80 billion
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