By Taylor Fox
New York, March 1 – Universal Scientific Industrial (Shanghai) Co. priced RMB 3.45 billion of six-year unsecured convertible corporate bonds at RMB 100 per bond, according to a company notice.
The bonds have a first-year coupon rate of 0.1%, 0.2% in the second year, 0.6% in the third year, 1.3% in the fourth year, 1.8% in the fifth year and 2% in the sixth year.
The proceeds will be used for operation and development of the company.
For conversion, holders could only apply for integral number of shares. If the conversion is not enough for one share, the company will pay in cash based on the par value and the current accrual interest within the five trading days.
Haitong Securities Co., Ltd. and Guotai Junan Securities Co., Ltd. are the underwriters, and China Securities Depository and Clearing Corp. Ltd. (CSDX) Shanghai Branch is the principal paying agents.
The Shanghai-based company manufactures electronic devices and modules.
| Issuer: | Universal Scientific Industrial (Shanghai) Co.
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| Description: | Unsecured convertible corporate bonds
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| Amount: | RMB 3.45 billion
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| Maturity: | 2027
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| Underwriters: | Haitong Securities Co., Ltd. and Guotai Junan Securities Co., Ltd.
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| Coupon: | 0.1% in the first year, 0.2% in the second year, 0.6% in the third year, 1.3% in the fourth year, 1.8% in the fifth year and 2% in the sixth year
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| Trade date: | March 1
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