By Jennifer Chiou
New York, June 23 - Guangdong Investment Ltd. announced that Giant Great Ltd., the wholly owned subsidiary of GDH Ltd., the company's controlling shareholder, will bring forward a $250 million offering of 3% guaranteed exchangeable bonds due 2016.
J.P. Morgan Securities Ltd. is the lead manager.
There is an over-allotment option for up to $50 million of additional notes.
The bonds are guaranteed by GDH.
The securities will be exchangeable two years after issue until 10 days prior to the maturity date at an initial exchange price of HK$5.551 per share, a roughly 30% premium to the closing price of HK$4.27 on June 23.
GDH is an investment holding company established by the former Guangdong Enterprises (Holdings) Ltd., Nam Yue (Group) Co. Ltd. and the Guangdong Province Dongshen Water Supply Management Bureau.
Guangdong is a Hong Kong operator of businesses in industrial investment, infrastructure and utilities investments, property development as well as travel and transportation. Giant Great is also based in Hong Kong.
| Issuer: | Giant Great Ltd.
|
| Guarantor: | GDH Ltd.
|
| Issue: | Guaranteed exchangeable bonds
|
| Amount: | $250 million
|
| Greenshoe: | $50 million
|
| Maturity: | 2016
|
| Bookrunner: | J.P. Morgan Securities Ltd.
|
| Coupon: | 3%
|
| Conversion premium: | 30%
|
| Pricing date: | June 23
|
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