By Toni Weeks
San Luis Obispo, Calif., May 21 - Shenzhou International Group Holdings Ltd. priced HK$3.9 billion of 0.5% convertible bonds due 2019 at par, according to a press release.
Credit Suisse (Hong Kong) Ltd. and HSBC Ltd. will be the managers.
The bonds will initially be convertible at HK$38.56. The conversion price is a 36.5% premium to the closing share price of HK$28.25 on May 21.
The bonds are convertible beginning July 29.
The bonds may be redeemed at the option of the company in whole, but not in part, under certain circumstances.
Bonds will be redeemed at maturity at 103.86.
Settlement is expected June 18.
Proceeds of the Regulation S deal will be used for business expansion and general corporate purposes.
The company said it will apply to the Hong Kong Stock Exchange for the listing of permission to deal in the bonds and new shares.
The Kowloon, Hong Kong, company is engaged in the manufacturing and sale of knitwear products.
| Issuer: | Shenzhou International Group Holdings Ltd.
|
| Issue: | Convertible Bonds
|
| Amount: | HK$3.9 billion
|
| Maturity: | June 18, 2019
|
| Managers: | Credit Suisse (Hong Kong) Ltd. and HSBC Ltd.
|
| Coupon: | 0.5%
|
| Price: | Par
|
| Conversion premium: | 36.5%
|
| Call: | Contingent
|
| Redemption at maturity: | 103.86
|
| Pricing date: | May 21
|
| Settlement date: | June 18
|
| Stock symbol: | Hong Kong: 2313
|
| Stock price: | HK$28.25 on May 21
|
| Distribution: | Regulation S
|
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