By Rebecca Melvin
New York, Oct. 11 – China Singyes Solar Technologies Holdings Ltd. has priced HK$230 million of three-year convertibles at par with a 12% coupon and a 16.7% initial conversion premium over the last closing share price, according to a news release.
The Regulation S offering has an initial conversion price of HK$3.00 per share and is being sold via Guotai Junan Securities (Hong Kong) Ltd. and China Merchants Securities (HK) Co. Ltd. as placing agents.
The proceeds will be used to redeem, repay or repurchase the company’s outstanding 2018 notes.
The bonds are non-callable and have a holder put on April 15, 2020. There is also a change-of-control put.
China Singyes designs renewable energy systems and is based in Zhuhai, Guangdong, China.
| Issuer: | China Singyes Solar Technologies Holdings Ltd.
|
| Securities: | Convertible bonds
|
| Amount: | HK$230 million
|
| Maturity: | Oct. 15, 2021
|
| Placing agents: | Guotai Junan Securities (Hong Kong) Ltd. and China Merchants Securities (HK) Co. Ltd.
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion premium: | 16.7%
|
| Conversion price: | HK$3.00
|
| Conversion ratio: | 76,666,666 shares
|
| Call options: | Non-callable
|
| Put: | On April 15, 2020
|
| Change-of-control put: | Yes
|
| Pricing date: | Oct. 9
|
| Distribution: | Regulation S
|
| Stock price: | HK$2.50 at market close Oct. 9
|
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