New York, Jan. 28 – Shanghai Electric Group Co. Ltd. priced RMB 6 billion of A share convertible corporate bonds with a step-up coupon, according to a notice from the company.
The six-year bonds will pay 0.2% in the first year, 0.5% in the second year, 1% in the third year, 1.5% in the fourth and fifth years and 1.6% in the sixth year.
At maturity, Shanghai Electric will pay a redemption price of 106.6.
The conversion price is RMB 10.72.
Credit Suisse Founder Securities Ltd. is the lead underwriter.
Proceeds will be invested in power plant projects located in Iraq, India and Vietnam.
The convertible bonds were approved by Shanghai Electric’s board of directors in June and by shareholders in August.
The power generation and equipment manufacturing company is based in Shanghai.
| Issuer: | Shanghai Electric Group Co. Ltd.
|
| Issue: | A share convertible corporate bonds
|
| Amount: | RMB 6 billion
|
| Maturity: | Six years
|
| Lead manager: | Credit Suisse Founder Securities Ltd.
|
| Coupon: | 0.2% in the first year, 0.5% in the second year, 1% in the third year, 1.5% in the fourth and fifth years and 1.6% in the sixth year
|
| Price: | Par of RMB 100
|
| Redemption price: | 106.6
|
| Conversion price: | RMB 10.72
|
| Stock symbol: | Shanghai Stock Exchange: 601727
|
| Stock price: | RMB 10.64 at close Jan. 28
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