By Rebecca Melvin
New York, June 8 - Mah Sing Group Bhd. priced RM 325 million of seven-year convertible bonds at a discount to par with a coupon of 3.5% and an initial conversion premium of 15% over a volume-weighted average price of the company's shares during a five-day period, according to a news release.
The issue price is 89.07% of the nominal value of the bonds.
The secured convertibles can be converted into shares at any time at a price of RM 2.09.
The premium was based on the volume weighted average price of Mah Sing shares for five trading days preceding Dec. 27, 2010 at RM 1.8211 per share.
There is a holder put in year five.
Hang Leong Investment Bank was lead arranger for the issue, which will not be listed on any stock exchange.
Proceeds will be used for land acquisitions and for working capital.
Mah Sing is a Kuala Lumpur-based real estate developer and plastic products company.
| Issuer: | Mah Sing Group Bhd.
|
| Issue: | Secured convertible bonds
|
| Amount: | RM 325 million
|
| Maturity: | 2018
|
| Coupon: | 3.25%
|
| Bookrunner: | Hang Leong Investment Bank
|
| Price: | 89.07
|
| Conversion premium: | 15%
|
| Conversion price: | RM 2.09
|
| Put: | After year five
|
| VWAP: | RM 1.8211
|
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