No Va Land talks $300 million five-year convertible notes to yield 5.75%-6.25%, up 15%-20%

By Abigail W. Adams

Portland, Me., July 7 – No Va Land Investment Group Corp. plans to price $300 million of five-year convertible notes on Wednesday with price talk for a coupon of 5% to 5.5%, a redemption price of 101.42 to 107.21 and a put price of 100.81 to 104.06 for a yield of 5.75% to 6.25% and an initial conversion premium of 15% to 20%, according to a market source.

Credit Suisse (Singapore) Ltd. is the bookrunner for the Regulation S offering.

The convertible notes are putable on July 16, 2024 or upon a change-of-control or delisting event.

The securities are callable on Aug. 6, 2024 subject to a 130% hurdle.

The bonds will be converted according to a fixed exchange rate of VND$23,012 to US$1.

Proceeds will be used for acquisitions, working capital and general corporate purposes.

No Va Land is a Ho Chi Minh City, Vietnam-based real estate company.

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