By Abigail W. Adams
Portland, Me., Oct. 20 – Crystal Idea Group Ltd. priced HK$3.11 billion guaranteed convertible bonds due 2022 on Tuesday at par with a coupon of 2.25% and an initial conversion premium of 20%, according to a company news release.
Pricing came at the cheap end of talk for a coupon of 1.75% to 2.25% and an initial conversion premium of 20% to 25%, according to a market source.
Morgan Stanley & Co. International plc was the bookrunner for the Regulation S offering.
The bonds are guaranteed by parent company Shimao Services Holdings Ltd.
The bonds are non-callable except for a tax event or if less than 10% of the principal amount remains outstanding.
The convertibles are putable upon a takeover or delisting event. There is dividend protection.
Concurrently, the company priced a secondary offering of 115 million shares at a public offering price of HK$15.18. Price talk for the secondary offering was for a public offering price of HK$15.18 to HK$15.68.
Proceeds will be used for potential mergers and acquisitions and general corporate purposes.
Crystal Idea Group is a wholly owned subsidiary of Shimao Services, a Shanghai-based residential property manager.
| Issuer: | Crystal Idea Group Ltd.
|
| Guarantor: | Shimao Services Holdings Ltd.
|
| Securities: | Convertible bonds
|
| Amount: | HK$3.11 billion
|
| Maturity: | Oct. 31, 2022
|
| Bookrunner: | Morgan Stanley & Co. International plc
|
| Coupon: | 2.25%
|
| Price: | Par
|
| Yield: | 2.25%
|
| Conversion premium: | 20%
|
| Conversion price: | HK$18.22
|
| Call options: | Non-callable except upon a tax-event or for a clean-up call
|
| Put options: | Upon a takeover or delisting event
|
| Pricing date: | Oct. 19
|
| Settlement date: | Nov. 2
|
| Distribution: | Regulation S
|
| Talk: | Coupon of 1.75% to 2.25% and initial conversion premium of 20% to 25%
|
| Stock symbol: | HK: 873
|
| Stock reference price: | HK$15.18 in concurrent offering
|
| Market capitalization: | HK$35.46
|
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