By Abigail W. Adams
Portland, Me., Jan. 21 – Smart Insight International Ltd., a subsidiary of Country Garden Holdings Co. Ltd., priced HK$3.9 billion in 4.95% secured guaranteed convertible bonds due July 28, 2026 on Thursday, according to a company news release.
UBS AG Hong Kong Branch was global coordinator and bookrunner for the Regulation S offering.
The bonds were issued at par with a conversion price of HK$8.10, which represents a premium of 16.38% over the last reported price of the stock.
The bonds will be redeemed at par.
The convertibles are callable upon a change of control, delisting, or tax event. They are also callable if 90% or more of the principal amount has been redeemed, converted or canceled.
The bonds are putable at par on Jan. 28, 2024.
The securities will be listed for trade on the Singapore Exchange.
Net proceeds are expected to be HK$3.861 billion.
Proceeds will be used to refinance offshore debt which becomes due in one year.
However, proceeds will not be used to refinance the company’s 7.125% senior notes due 2022, which will be repaid with internal resources.
Country Garden Holdings is a Foshan, China-based property development company.
| Issuer: | Smart Insight International Ltd.
|
| Amount: | HK$3.9 billion
|
| Issue: | Secured guaranteed convertible bonds
|
| Maturity: | July 28, 2026
|
| Bookrunner: | UBS AG Hong Kong Branch
|
| Coupon: | 4.95%
|
| Price: | Par
|
| Yield: | 4.95%
|
| Conversion premium: | 16.38%
|
| Conversion price: | HK$8.10
|
| Call options: | Upon a fundamental change
|
| Put options: | Par put on Jan. 28, 2024
|
| Pricing date: | Jan. 20
|
| Settlement date: | Jan. 28
|
| Distribution: | Regulation S
|
| Stock symbol: | HK: 2007
|
| Stock price: | HK$6.96 at market close Jan. 20
|
| Market capitalization: | HK$156.46 billion
|
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