By Abigail W. Adams
Portland, Me., March 21 – China Galaxy Securities Co. Ltd. priced RMB 7.8 billion of six-year convertible bonds at par with a variable coupon, a redemption price of 106, and a conversion price of RMB 10.24, according to a company news release.
The convertible bonds carry a coupon of 0.2% for the first year, 0.4% for the second year, 0.6% for the third year, 1% for the fourth year, 1.8% for the fifth year and 2% for the final year.
The bonds are non-callable for six months and then subject to a 130% hurdle.
Proceeds will be used to develop the company’s investment transaction business, to expand its investment banking business and for working capital.
China Galaxy Securities is a Beijing-based brokerage and investment bank.
Issuer: | China Galaxy Securities Co. Ltd.
|
Amount: | RMB 7.8 billion
|
Issue: | Convertible bonds
|
Maturity: | March 23, 2028
|
Coupon: | 0.2% year one, 0.4% year two, 0.6% year three, 1% year four, 1.8% year five and 2% year six
|
Price: | Par
|
Redemption price: | 106
|
Conversion price: | RMB 10.24
|
Call options: | Non-callable for six months and then subject to a 130% hurdle
|
Pricing date: | March 21
|
Distribution: | Regulation S
|
Stock symbol: | HK: 06881
|
Stock price: | RMB 4.28
|
Market capitalization: | RMB 93.137 billion
|
|
© 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.