By Angela McDaniels
Tacoma, Wash., Sept. 7 - Shui On Land Ltd. plans to issue RMB 2.04 billion of dollar-settled 4.5% convertible bonds due Sept. 29, 2015, according to a company news release.
There is an RMB 680 million over-allotment option.
Standard Chartered Bank is the bookrunner for the Regulation S deal.
The bonds will be issued at par of RMB 100,000.
The initial conversion price is HK$4.87, which is a premium of 36.41% over the company's closing stock price on Sept. 6.
The bonds are putable on Sept. 29, 2013.
Beginning Sept. 29, 2013, the bonds will be callable if the company's shares close at or above 130% of the conversion price on 20 out of 30 consecutive trading days. They are also callable at any time if at least 90% of the principal amount originally issued has already been converted or redeemed.
In each case, the redemption price will be the dollar equivalent of the bonds' principal amount in renminbi.
The company plans to list the bonds on the Singapore Exchange.
The proceeds will be used to fund capital expenditures in connection with the company's real estate operations, acquiring assets or businesses, repaying debt and for general corporate and working capital purposes.
Shui On Land is a property development company based in Hong Kong.
| Issuer: | Shui On Land Ltd.
|
| Issue: | Renminbi-denominated dollar-settled convertible bonds
|
| Amount: | RMB 2.04 billion
|
| Greenshoe: | RMB 680 million
|
| Maturity: | Sept. 29, 2015
|
| Bookrunner: | Standard Chartered Bank
|
| Coupon: | 4.5%
|
| Price: | Par of RMB 100,000
|
| Conversion price: | HK$4.87
|
| Conversion premium: | 36.41%
|
| Put option: | On Sept. 29, 2013
|
| Call option: | Beginning Sept. 29, 2013, subject to 130% hurdle
|
| Pricing date: | Sept. 7
|
| Distribution: | Regulation S
|
| Stock code: | Hong Kong: 272
|
| Stock price: | HK$3.57 at close Sept. 6
|
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