By Devika Patel
Knoxville, Tenn., May 6 - Et-China.com International Holdings Ltd. priced a £5.5 million private placement of unsecured zero-coupon convertible bonds due 2011.
Och-Ziff and Ellerston Capital have each agreed to buy £2.5 million of the bonds and LFG Group agreed to buy the balance.
The bonds are convertible at any time into ordinary shares at an initial conversion price of 115p. They will convert automatically under certain conditions.
The investors have a put option at the end of the second year, on a change of control or on a de-listing of the company. If an investor exercises the put option, the company will redeem that investor's bonds at par plus an amount that would equal a yield of 7%, calculated on a semi-annual basis.
Proceeds will be used for acquisitions and marketing.
Et-China is a travel services group based in Guangzhou, China.
| Issuer: | Et-China.com International Holdings Ltd.
|
| Issue: | Unsecured zero-coupon convertible bonds
|
| Amount: | £5.5 million
|
| Maturity: | 2011
|
| Coupon: | 0%
|
| Conversion price: | 115p
|
| Warrants: | No
|
| Investors: | Och-Ziff (for £2.5 million), Ellerston Capital (for £2.5 million), LFG Group (for £500,000)
|
| Pricing date: | May 6
|
| Stock symbol: | London: ETC
|
| Stock price: | 114.5p at close May 5
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
