By Kenneth Lim
Boston, Dec. 12 - Singapore-listed Genting International plc on Tuesday priced S$425 million of five-year zero-coupon convertible unsubordinated unsecured bonds to yield 3% with an initial conversion premium of 22.5%.
The bonds were offered at par.
DBS Bank, HSBC and Merrill Lynch were the bookrunners of the Regulation S offering.
The initial conversion price of S$0.6308 per share may be adjusted if the 20-day average closing price of Genting common stock falls below the conversion price before Jan. 12, 2010.
The bonds are non-callable for the first two years, after which they may be called subject to a hurdle at 120% of the conversion price. There are no puts.
The bonds have dividend and takeover protection.
Genting, a Hong Kong-based gaming company, said it will use the proceeds of the deal to develop a casino resort in Singapore's Sentosa Island.
| Issuer: | Genting International plc
|
| Issue: | Convertible unsubordinated unsecured bonds
|
| Bookrunners: | DBS Bank, HSBC and Merrill Lynch
|
| Amount: | S$425 million
|
| Maturity: | Jan. 12, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | 116.0541%
|
| Yield: | 3%
|
| Conversion premium: | 22.5%
|
| Conversion price: | S$0.6308, may be reset before Jan. 12, 2010 if 20-day average closing stock price falls below conversion price
|
| Dividend protection: | Yes
|
| Takeover protection: | Yes
|
| Call protection: | Non-callable before Jan. 12, 2009, thereafter callable subject to 120% hurdle
|
| Puts: | None
|
| Pricing date: | Dec. 12
|
| Settlement date: | Jan. 12
|
| Distribution: | Regulation S
|
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