By Rebecca Melvin
New York, April 5 - Dolphin Capital Investors Ltd. priced €50 million of five-year, 5.5% unsecured euro convertibles to be issued Friday under Regulation S, and $30 million of five-year, 7% coupon unsecured convertible bonds to be issued April 17, also under Regulation S, according to a release.
The euro bonds will be convertible into Dolphin shares at an initial conversion price of €0.5737 per share, representing £0.50 per share converted into euros at the fixed exchange rate of £1.00: €1.1474.
The dollar-denominated bonds will be convertible into Dolphin shares at an initial conversion price of $0.6717 per share, representing £0.45 per share converted into dollars at the fixed exchange rate of £1.00:$1.4928.
Both issues are being backstopped by funds managed by Third Point LLC and Monarch Alternative Capital LP.
The dollar-denominated convertibles are expected to be issued upon completion of a tender offer for the Playa Grande bonds issued by the company's subsidiary DCI Holdings Seven Ltd.
Proceeds will be used to invest in real estate assets to complement its portfolio of emerging market resort properties in southern Europe and Latin America, and to establish a new investment platform to become the holding entity of the company's existing Americas projects, Playa Grande Club & Reserve, Dominican Republic, and Pearl Island Resort, Panama.
Dolphin's board of directors may allocate up to €23 million of the euro bond issue and $14 million of the dollar bond issue to existing shareholders and new investors.
The real estate investment company is incorporated in the British Virgin Islands.
| Issuer: | Dolphin Capital Investors Ltd.
|
| Stock symbol: | London: AIM: DCI
|
| Stock price: | £0.3650 at close April 4
|
| Distribution: | Regulation S
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| Market capitalization: | £234.5 million
|
|
|
| Issue: | Unsecured euro convertibles
|
| Amount: | €50 million
|
| Maturity: | April 5, 2018
|
| Coupon: | 5.5%
|
| Conversion price: | €0.5737 or £0.50 per share
|
| Exchange rate: | £1.00: €1.1474.
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| Pricing date: | April 5
|
|
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| Issue: | Unsecured convertibles
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| Amount: | $30 million
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| Maturity: | 2018
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| Coupon: | 7%
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| Conversion price: | $0.6717or £0.45 per share
|
| Exchange rate: | £1.00: $1.4928
|
| Pricing date: | Expected April 17
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