By Abigail W. Adams
Portland, Me., May 28 – Universe Trek Ltd. priced $250 million of 0% convertible bonds due 2026 on Thursday with an initial conversion premium of 14.87% over the last reported sales price of stock, according to a company announcement.
China International Capital Corp. Hong Kong Securities Ltd., CMB International Capital Ltd., and UBS AG Hong Kong Branch were joint global coordinators and lead manager for the Regulation S offering.
DBS Bank Ltd. was also a lead manager.
The bonds will be issued at par and redeemed at maturity at 110.46.
They are non-callable until July 6, 2024 and then subject to a 125% hurdle.
They are putable on June 15, 2024 at a put price of 106.15.
The bonds will be converted based on a fixed rate of HK$7.7614 to US$1.
The bonds will be guaranteed by Far East Horizon Ltd.
Proceeds will be used for working capital and general corporate purposes.
Universe Trek is a wholly owned subsidiary of Far East Horizon, a Hong Kong-based financial services provider.
| Issuer: | Universe Trek Ltd.
|
| Guarantor: | Far East Horizon Ltd.
|
| Securities: | Convertible bonds
|
| Amount: | $250 million
|
| Maturity: | June 15, 2026
|
| Bookrunners: | China International Capital Corp. Hong Kong Securities Ltd., CMB International Capital Ltd. and UBS AG Hong Kong Branch
|
| Lead manager: | DBS Bank Ltd.
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | 110.46
|
| Conversion premium: | 14.87%
|
| Conversion price: | HK$10.20
|
| Call options: | Non-callable until July 6, 2024 and then subject to a 125% hurdle
|
| Put options: | Putable on June 15, 2024 at 106.15
|
| Pricing date: | May 27
|
| Distribution: | Regulation S
|
| Stock symbol: | HKG: 3360
|
| Stock price: | HK$8.88 at market close May 27
|
| Market capitalization: | HK$35.39 billion
|
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