By Jennifer Chiou
New York, Sept. 20 - Hangdeli Holdings Ltd. sold HK$2.5 billion of five-year convertibles at par to yield 2.5% with an initial conversion premium of about 23.5%, according to a company release.
J.P. Morgan Securities Ltd. and Standard Chartered Bank were the joint bookrunners and lead managers.
The bonds are convertible into Hangdeli stock at HK$4.9524 per share. They may be redeemed in whole at any time upon notice and may be converted by the company, subject to a 130% hurdle. Holders may put back their securities on Oct. 20, 2013.
Proceeds will be used for business expansion, including acquisitions and general corporate purposes.
Hengdeli is a Hong Kong-based watch retailer and wholesaler.
| Issuer: | Hangdeli Holdings Ltd.
|
| Issue: | Convertible bonds
|
| Joint lead managers: | J.P. Morgan Securities Ltd. and Standard Chartered Bank (co-leads)
|
| Amount: | HK$2.5 billion
|
| Maturity: | Oct. 20, 2015
|
| Coupon: | 2.5%, payable semiannually
|
| Price: | Par
|
| Yield: | 2.5%
|
| Conversion premium: | 23.5%
|
| Conversion price: | HK$4.9524
|
| Calls: | At any time upon 30 days' notice; conversion subject to 130% hurdle
|
| Pricing date: | Sept. 20
|
| Settlement date: | Oct. 20
|
| Distribution: | Public offering
|
| Stock symbol: | HKG:3389
|
| Stock reference price: | HK$4.01
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
