New Issue: Kerry Properties prices HK$2.35 billion convertibles to yield 3.2%, up 35%

New York, Jan. 23 - Kerry Properties Ltd. priced HK$2.35 billion of five-year premium-redemption convertible bonds to yield 3.2% with a 35% initial conversion premium.

J.P. Morgan Securities Ltd. was lead manager of the Regulation S sale.

Kerry, a Hong Kong-based owner of warehouses and infrastructure projects in Hong Kong and China, will use proceeds for general corporate purposes.

Issuer:	Gainlead International Ltd. (Kerry Properties Ltd.)
Issue:	Convertible bonds
Amount:	HK$2.35 billion
Maturity:	Feb. 22, 2012
Coupon:	0%
Price:	Par
Redemption price:	117.203
Yield:	3.2%
Conversion premium:	35%
Conversion price:	HK$52.65
Call:	Feb. 22, 2010 onwards at price to give yield of 3.2%, onwards subject to 130% hurdle
Lead manager:	J.P. Morgan Securities Ltd.
Pricing date:	Jan. 22, after close
Settlement date:	March 22
Distribution:	Regulation S

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