New Issue: NWS Holdings HK$1.35 billion convertibles yield -0.5%, up 25%

New York, March 30 - NWS Holdings Ltd. priced HK$1.35 billion of zero-coupon convertible bonds to yield negative 0.5% with a 25% initial conversion premium.

Morgan Stanley & Co. International Ltd. was bookrunner for the Regulation S deal. Hong Kong and Shanghai Banking Corp. Ltd. is co-lead manager and Tai Fook Securities Group Ltd. is co-manager.

NWS, a diversified Hong Kong-based company, will use proceeds to repay debt and for general working capital.

Issuer:	NWS Holdings Ltd. (via NWSH Capital Finance Ltd.)
Issue:	Convertible bonds
Amount:	HK$1.35 billion
Greenshoe:	HK$150 million
Maturity:	5 years
Coupon:	0%
Price:	Par
Redemption price:	97.53%
Yield:	-0.5%
Initial conversion premium:	25%
Conversion price:	HK$13.63, in cash or stock at company's option
Call:	Oct. 26, 2005 onwards subject to 120% hurdle
Put:	In year 2 at 99
Bookrunner:	Morgan Stanley & Co. International Ltd.
Pricing date:	March 29
Settlement:	April 26
Distribution:	Regulation S

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