Published on 10/29/2003 in the Prospect News Convertibles Daily.
New Issue: Matsui Securities upsized ¥40 billion convertible priced with 0% coupon, up 36%
By Ronda Fears
Nashville, Oct. 29 - Matsui Securities Co. Ltd. sold an upsized ¥40 billion of zero-coupon 7.25-year convertible bonds at 102.5 with a 36% initial conversion premium, via sole bookrunner UBS Investment Bank.
The issue sold at the aggressive end of price talk which put the offer price at 101.5 to 102.5 and the initial conversion premium at 28% to 36%.
Holders will have dividend protection for common dividend increases of more than 20% per year.
Terms of the deal are:
| Issuer: | Matsui Securities Co. Ltd.
|
| Issue: | Convertible senior unsecured bonds
|
| Lead manager: | UBS Investment Bank
|
| Amount: | ¥40 billion, upped from ¥35 billion
|
| Maturity: | March 31, 2011
|
| Coupon: | 0%
|
| Price: | 102.5
|
| Redemption price: | Par
|
| Offer price: | 102.5
|
| Conversion premium: | 36%
|
| Conversion price: | ¥3,910.00
|
| Conversion ratio: | 511.5089
|
| Call: | Non-callable for 2 years, then with 130% hurdle
|
| Put: | At 3.25 years, in March 2007
|
| Price Talk: | Offer price of 101.5-102.5, up 28-36%
|
| Pricing date: | Oct. 29
|
| Settlement: | Nov. 17
|
| Distribution: | Regulation S
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
