New York, Jan. 16 - Shanghai Industrial Holdings Ltd. said it priced HK$3.9 billion of zero-coupon convertible bonds due 2018 to yield 1% with a 30% initial conversion premium.
The convertibles will be redeemed at a price of 105.11 at maturity.
BofA Merrill Lynch, Deutsche Bank, Goldman Sachs were the bookrunners for the Regulation S offering.
Proceeds will be used for capital expenditures, to fund investments in the infrastructure business and for general corporate purposes.
Shanghai Industrial is based in Hong Kong and has businesses in infrastructure facilities, real estate and consumer products.
| Issuer: | Shanghai Industrial Holdings Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | HK$3.9 billion
|
| Maturity: | 2018
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | 105.11
|
| Yield: | 1%
|
| Conversion price: | HK$36.34
|
| Conversion premium: | 30%
|
| Call: | Feb. 18, 2016 onwards subject to 130% hurdle in whole at price to give yield of 1%
|
| Put: | On Feb. 18, 2016 at price to give yield of 1%
|
| Pricing date: | Jan. 16
|
| Bookrunners: | BofA Merrill Lynch, Deutsche Bank, Goldman Sachs
|
| Distribution: | Regulation S
|
| Stock price: | HK$27.95 at close Jan. 16
|
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