By Evan Weinberger
New York, July 31 - Melco PBL Entertainment (Macau) Ltd. announced that its two founding shareholders, Hong Kong-based Melco International Development Ltd. and Sydney-based Publishing and Broadcast Ltd., formed a special purpose vehicle which priced $200 million in exchangeable bonds due Aug. 30, 2012 Monday with a 2.4% coupon and a 40% initial conversion premium.
Merrill Lynch is the bookrunner of the Regulation S transaction.
There is a $50 million over-allotment option. The settlement date is expected to be Aug. 30.
The bonds have a conversion price of $17.19 per American Depository Share, and each $100 bond is exchangeable into 5.587 ADS.
The bonds are callable after three years, subject to a 130% hurdle. There is a put option on Aug. 30, 2010 at 100%.
The exchangeable bonds will be used to fund a share purchase program for the purchase of ADS, each of which represents three ordinary shares of the company.
Melco PBL Entertainment is a Hong Kong-based casino operator focused on the Macau market.
Issuer: Melco International Development Ltd. and Publishing and Broadcast Ltd.
Issue: Exchangeable bonds
Amount: $200 million
Greenshoe: $50 million
Maturity date: Aug. 30, 2012
Coupon: 2.4%
Price: Par
Yield: 2.4%
Conversion price: $17.19
Conversion ratio: 5.587
Conversion premium: 40%
Call: After three years, subject to 130% hurdle
Put: Aug. 30, 2010
Bookrunner: Merrill Lynch
| Pricing date: | July 30
|
| Settlement date: | Aug. 30
|
| Distribution: | Regulation S
|
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