By Rebecca Melvin
New York, Oct. 28 – Kakao Corp. has priced a $300 million three-year convertible bond with a fixed coupon of 0%, according to a Singapore Stock Exchange listing notice on Wednesday.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were joint global coordinators and bookrunners for the Regulation S offering.
The bonds are non-callable until April 28, 2022 and then subject to a 130% hurdle.
The convertibles are putable upon a change-of-control or delisting event. There is dividend protection.
Proceeds will be used for general corporate purposes.
Kakao is a Seoul-based internet portal services company.
Issuer: | Kakao Corp.
|
Securities: | Convertible bonds
|
Amount: | $300 million
|
Maturity: | 2023
|
Bookrunners: | Citigroup Global Markets and J.P. Morgan Securities LLC
|
Coupon: | 0%
|
Call options: | Non-callable until April 28, 2022 and then subject to a 130% hurdle
|
Put options: | Upon a fundamental change or delisting
|
Issue date: | Oct. 28
|
Distribution: | Regulation S
|
|
© 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.