Chicago, June 17 – Universe Trek Ltd. priced $300 million 2.5% guaranteed convertible bonds due 2025 at par, according to a notice.
The notes are convertible into shares of Far East Horizon Ltd.
The notes were initially sold with a 21.61% premium over the closing price of HK$6.85 on June 17.
The notes are guaranteed by Far East Horizon Ltd.
The bonds can be converted at any point from 41 days after the issue date up to 10 days before the maturity of the notes.
The notes are non-callable until July 31, 2023, then subject to a 125% hurdle. The notes are putable on July 8, 2023.
Citigroup Global Markets Ltd., HSBC Ltd. and UBS AG Hong Kong Branch are joint global coordinators, joint bookrunners and joint lead managers for the Regulation S issue.
Proceeds will be used for working capital and general corporate purposes.
Far East Horizon is a financial leasing unit of Sinochem Group, which is a Hong Kong-based business conglomerate with interests in agriculture, energy, chemicals, real estate and finance.
Universe Trek is incorporated in the British Virgin Islands.
| Issuer: | Universe Trek Ltd.
|
| Guarantor: | Far East Horizon Ltd.
|
| Issue: | Guaranteed convertible bonds
|
| Amount: | $300 million
|
| Maturity: | July 8, 2025
|
| Bookrunners: | Citigroup Global Markets Ltd., HSBC Ltd. and UBS AG Hong Kong Branch
|
| Coupon: | 2.5%
|
| Price: | Par
|
| Yield: | 2.5%
|
| Conversion premium: | 21.61%
|
| Conversion price: | HK$8.33
|
| Call: | Any time after July 31, 2023, subject to a 125% hurdle
|
| Put: | July 8, 2023
|
| Pricing date: | June 17
|
| Issue date: | July 8
|
| Closing stock price: | HK$6.85 on June 17
|
| Stock symbol: | Far East Horizon on HKG: 3360
|
| Distribution: | Regulation S
|
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