Chicago, Dec. 6 – MicroPort Scientific Corp. is placing $220 million of 5.75% convertible bonds due 2028, according to an announcement.
The initial conversion premium is 10.5%.
Bondholders will have conversion rights starting Jan. 29. Additionally, there will be a par put right on Dec. 21, 2026.
The notes are callable at par starting Jan. 2, 2027 subject to a 130% hurdle.
There is also change-of-control protection.
J.P. Morgan Securities plc, China International Capital Corp. Hong Kong Securities Ltd., Citigroup Global Markets Ltd. and Merrill Lynch (Asia Pacific) Ltd. are joint global coordinators and joint bookrunners for the Regulation S offer.
Proceeds will be used to refinance medium- and long-term offshore debts.
MicroPort is a global medical device developer and manufacturer with headquarters in Shanghai.
| Issuer: | MicroPort Scientific Corp.
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| Amount: | $220 million
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| Issue: | Convertible bonds
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| Maturity: | Dec. 19, 2028
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| Bookrunners: | J.P. Morgan Securities plc, China International Capital Corp. Hong Kong Securities Ltd., Citigroup Global Markets Ltd. and Merrill Lynch (Asia Pacific) Ltd.
|
| Trustee: | Bank of New York Mellon, London Branch
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| Coupon: | 5.75%
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| Price: | Par
|
| Yield: | 5.75%
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| Conversion price: | HK$12.779
|
| Conversion premium: | 10.5%
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| Call features: | Callable at par starting Jan. 2, 2027, subject to 130% hurdle
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| Change of control: | Yes
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| Puts: | At par on Dec. 21, 2026
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| Trade date: | Dec. 5
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| Settlement date: | Dec. 19
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| Distribution: | Regulation S
|
| Stock symbol: | HK: 00853
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| Stock price: | HK$11.56 on Dec. 5
|
| Market capitalization: | HK$19.52 billion
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