The yield on China Green (Holdings) Ltd.'s convertible was incorrectly given in the March 19 issue of the Prospect News Convertibles Daily. A revised story follows.
New Issue: China Green prices RMB 1.35 billion of three-year convertibles at 5%, up 20%
By Kenneth Lim
Boston, March 18 - China Green (Holdings) Ltd. priced RMB 1.35 billion of three-year 3% convertible senior unsecured notes on Wednesday at the cheap end of talk to yield 5% with an initial conversion premium of 20%.
Price talk was at a coupon of 2.5% to 3%, an initial conversion premium of 20% to 25%, a redemption price of 104.76 to 107.98 and a yield to maturity of 4.5% to 5%.
The 3% notes were sold at par of RMB 100,000 per note. They will be redeemed at 106.388 at maturity for a yield to maturity of 5%.
The offering amount was initially set at RMB 1.2 billion with an over-allotment option for an additional RMB 300 million, but the greenshoe is now RMB 150 million.
UBS Investment Bank and Macquarie are the bookrunners of the Regulation S offering.
The notes will be non-callable, and there are no puts.
The notes have dividend and takeover protection.
Proceeds will be used to repay existing convertible bonds and for capital expenditure.
China Green is a Hong Kong-based produce farmer and processor.
Issuer: | China Green (Holdings) Ltd.
|
Issue: | Convertible senior unsecured notes
|
Bookrunner: | UBS Investment Bank and Macquarie
|
Amount: | RMB 1.35 billion
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Greenshoe: | RMB 150 million
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Maturity: | April 12, 2013
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Coupon: | 3%
|
Price: | Par
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Redemption price: | 106.388
|
Yield: | 5%
|
Conversion premium: | 20%
|
Conversion price: | HK$11.244
|
Conversion ratio: | 10,113.2956
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Dividend protection: | Conversion price adjustment if dividends exceed 30% of net profit
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Takeover protection: | Change of control put
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Call protection: | Non-callable
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Puts: | None
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Price talk: | 2.5%-3%, up 20%-25%
|
Pricing date: | March 17
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Settlement date: | April 12
|
Distribution: | Regulation S
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