By Angela McDaniels
Tacoma, Wash., Sept. 14 - Maoye International Holdings Ltd. priced HK$1.17 billion of 3% convertible bonds due Oct. 13, 2015 at par, according to a company news release.
There is a HK$388.6 million over-allotment option.
J.P. Morgan Securities Ltd. is the manager and bookrunner for the Regulation S deal.
The initial conversion price is HK$4.212, which is a premium of 20% over the company's closing stock price on Tuesday. The bonds are convertible beginning Nov. 23.
The bonds are putable at par on Oct. 13, 2013.
Beginning Oct. 13, 2013, the bonds will be callable at par if the company's shares close at or above 130% of the conversion price on 20 out of 30 consecutive trading days. They are also callable at any time if at least 90% of the principal amount originally issued has already been converted or redeemed.
The company plans to list the bonds on the Singapore Exchange.
The proceeds will be used as working capital and for future projects and acquisitions.
Maoye operates department stores and is based in Shenzhen, China.
| Issuer: | Maoye International Holdings Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | HK$1,165,000,000
|
| Greenshoe: | HK$388.6 million
|
| Maturity: | Oct. 13, 2015
|
| Bookrunner: | J.P. Morgan Securities Ltd.
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Conversion price: | HK$4.212
|
| Conversion premium: | 20%
|
| Put option: | On Oct. 13, 2013
|
| Call option: | Beginning Oct. 13, 2013, subject to 130% hurdle
|
| Pricing date: | Sept. 14
|
| Settlement date: | Oct. 13
|
| Distribution: | Regulation S
|
| Stock code: | Hong Kong: 848
|
| Stock price: | HK$3.51 at close Sept. 14
|
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