By Abigail W. Adams
Portland, Me., Dec. 4 – Universe Trek Ltd. priced $200 million 0% convertible bonds due 2025 at par with a conversion price of HK$8.56, representing an initial conversion premium of 9.04% over the closing price of stock on Nov. 24, according to a listing announcement on the Hong Kong Exchange.
The convertible bonds are guaranteed by Far East Horizon Ltd.
Huatai International was global coordinator and bookrunner for the Regulation S offering.
The notes are putable on Dec. 4, 2023 or upon a delisting or change-of-control event.
They are callable on or after Dec. 21, 2023 subject to a 125% hurdle. They are also subject to a clean-up call if 90% of the principal amount of the notes has been redeemed, converted or cancelled.
Proceeds will be used for working capital and general corporate purposes.
Universe Trek is a subsidiary of Far East Horizon, a Hong Kong-based financial services company.
| Issuer: | Universe Trek Ltd.
|
| Guarantor: | Far East Horizon Ltd.
|
| Securities: | Convertible bonds
|
| Amount: | $200 million
|
| Maturity: | Dec. 4, 2025
|
| Bookrunner: | Huatai International
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion premium: | 9.04%
|
| Conversion price: | HK$8.56
|
| Call options: | Non-callable until Dec. 21, 2023 subject to a 125% hurdle
|
| Put options: | On Dec. 4, 2023 or upon a delisting or change-of-control event
|
| Pricing date: | Nov. 24
|
| Settlement date: | Dec. 4
|
| Distribution: | Regulation S
|
| Stock symbol: | HKG: 3360
|
| Stock price: | HK$8.56 at market close Nov. 24
|
| Market capitalization: | HK$32.71 billion
|
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