By Toni Weeks
San Luis Obispo, Calif., March 12 - Johnson Electric Holdings Ltd. announced it will issue $200 million of 1% convertible bonds due April 2, 2021, according to a press release.
J.P. Morgan Securities plc will be the sole bookrunner for the Regulation S deal.
The bonds will be convertible at an initial conversion price of HK$10.2575 per share.
Proceeds will be used for general corporate and working capital purposes, including funding the expansion of its existing global operating footprint and for financing possible acquisitions.
Johnson Electric is a Shatin, Hong Kong, provider of motion subsystems and motion components for automotive and industrial applications.
| Issuer: | Johnson Electric Holdings Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | $200 million
|
| Maturity: | April 2, 2021
|
| Bookrunner: | J.P. Morgan Securities plc
|
| Coupon: | 1%
|
| Price: | Par
|
| Yield: | 1%
|
| Conversion premium: | 37.5%
|
| Conversion price: | HK$10.2575
|
| Call: | At 113.41 on the maturity date
|
| Puts: | At 109.31 on April 2, 2019
|
| Pricing date: | March 12
|
| Stock symbol: | Hong Kong: 0179
|
| Stock price: | HK$7.46 on March 12
|
| Distribution: | Regulation S
|
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