By Rebecca Melvin
New York, Sept. 6 - Golden Agri-Resources Ltd. priced $400 million of five-year senior subordinated convertible bonds at par of $200,000 in a bought deal to yield 2.5% with an initial conversion premium of 28%, according to a company notice.
The convertibles were priced based on the Sept. 5 closing price of shares on the Singapore stock exchange.
BNP Paribas Capital (Asia Pacific) Ltd., Citigroup Global Markets Ltd., CIMB Bank Ltd. and Credit Suisse (Singapore) Ltd. were the bookrunners for the Regulation S transaction.
The bonds' initial conversion price is S$0.8896 each, using a fixed exchange rate of S$1.2479. They are convertible into new ordinary shares at $0.025 each.
The bonds are non-callable until Oct. 4, 2015, and then provisionally callable if the underlying share price is at least 130% of conversion.
Holders can put the bonds on Oct. 4, 2015.
Proceeds are intended for general corporate purposes.
The issue is subject to normal regulatory approvals, and the company will apply to list the bonds on the Singapore stock exchange.
Settlement is expected to be Oct. 4.
Golden Agri-Resources, based in Singapore, manages oil palm plantations in Indonesia and China.
| Issuer: | Golden Agri-Resources Inc.
|
| Issue: | Convertible subordinated convertible bonds
|
| Amount: | $400 million
|
| Maturity: | Oct. 4, 2017
|
| Bookrunners: | BNP Paribas Capital (Asia Pacific) Ltd., Citigroup Global Markets Ltd., CIMB Bank Ltd. and Credit Suisse (Singapore) Ltd.
|
| Coupon: | 2.5%
|
| Price: | Par, $200,000
|
| Yield: | 2.5%
|
| Initial conversion premium: | 28%
|
| Initial conversion price: | S$0.8896
|
| Calls: | Non-callable until Oct. 4, 2015
|
| Puts: | Oct. 4, 2015
|
| Distribution: | Regulation S
|
| Pricing date: | Sept. 5
|
| Settlement date: | Oct. 4
|
| Stock symbol: | Singapore: E5H
|
| Stock reference price: | S$0.695 as of close Sept. 5
|
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