By Rebecca Melvin
New York, March 7 - Malaysia's Khazanah Nasional Bhd. priced $550 million of five-year Islamic trust certificates, exchangeable into Parkson Retail Group Ltd. common stock, according to a Friday news release.
The exchangeables, issued by Khazanah special purpose company Paka Capital Ltd., priced with a 0% coupon to yield 0.69% for a 37% initial conversion premium over the March 5 closing stock price of Parkson, a Chinese department store operator.
The issue was 10 times oversubscribed, according to the release. There is a put in year three.
Concurrently with the offering, a Khazanah subsidiary sold $97 million of Parkson shares.
Deutsche Bank, CIMB Investment Bank Bhd. and UBS Investment Bank were joint bookrunners and joint lead managers. AmInternational (Labuan) Ltd. was also a joint lead manager.
The new exchangeable is Khazanah's third such issuance and it will be listed on the Labuan International Financial Exchange and the Stock Exchange of Hong Kong.
Khazanah Nasional Bhd. is the investment holding arm of the government of Malaysia and manages the government's commercial assets.
| Issuer: | Khazanah Nasional Bhd.
|
| Issue: | Islamic trust certificate exchangeables
|
| Exchange property: | Parkson Retail Group Ltd.
|
| Amount: | $550 million
|
| Concurrent offering: | $97 million of Parkson common shares
|
| Maturity: | 2013
|
| Bookrunners: | Deutsche Bank, CIMB Investment Bank Bhd., and UBS
|
| Coupon: | 0%
|
| Yield: | 0.69%
|
| Conversion premium: | 37%
|
| Puts: | In year three
|
| Announcement date: | March 7
|
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