By Abigail W. Adams
Portland, Me., July 2 – New Hope Corp. Ltd. priced A$200 million of five-year convertible notes on June 24 at par with a coupon of 2.75% and an initial conversion premium of 25%, according to a company news release.
Pricing came on the cheap end of talk for a coupon of 1.25% to 2.75% and an initial conversion premium of 25% to 35%, according to a market source.
Jefferies (Australia) Pty Ltd. was the bookrunner for the Regulation S offering.
The notes are non-callable except upon a tax event or if 15% or less of the principal amount of the bonds remain outstanding.
The notes are putable on July 2, 2024 or upon a change-of-control or delisting event.
There is full dividend protection.
Proceeds will be used for general corporate purposes, which may include opportunistic merger and acquisition activity.
New Hope is a Brisbane City, Australia-based coal mining company.
| Issuer: | New Hope Corp. Ltd.
|
| Securities: | Convertible notes
|
| Amount: | A$200 million
|
| Maturity: | July 2, 2026
|
| Bookrunner: | Jefferies (Australia) Pty Ltd.
|
| Coupon: | 2.75%
|
| Price: | Par
|
| Yield: | 2.75%
|
| Conversion premium: | 25%
|
| Call options: | None
|
| Put options: | Putable on July 2, 2024 or upon a change-of-control or delisting event
|
| Pricing date: | June 24
|
| Settlement date: | July 2
|
| Distribution: | Regulation S
|
| Talk: | Coupon of 1.25% to 2.75% and initial conversion premium of 25% to 35%
|
| Stock symbol: | ASX: NHC
|
| Market capitalization: | A$1.5 billion
|
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