By Angela McDaniels
Tacoma, Wash., July 13 – Kunlun Energy Co. Ltd. priced RMB 3.35 billion of 1.625% dollar-settled convertible bonds (/A+/) due 2019 with a 15% initial conversion premium, according to a company announcement.
There is a RMB 1 billion greenshoe for the Regulation S offering.
The joint global coordinators, joint bookrunners and joint lead managers are Goldman Sachs (Asia) LLC and China International Capital Corp. Hong Kong Securities Ltd. The joint lead managers are BOCI Asia Ltd., Citigroup Global Markets Ltd., ICBC International Securities Ltd. and Morgan Stanley & Co. International plc.
The company has a clean-up call option if at least 90% of the convertibles have been converted and/or repurchased.
Proceeds will be used to acquire PetroChina Kunlun Gas Co. Ltd. and for general corporate purposes.
Kunlun is a subsidiary of Beijing-based China National Petroleum Corp.
| Issuer: | Kunlun Energy Co. Ltd.
|
| Issue: | Dollar-settled convertible bonds
|
| Amount: | RMB 3.35 billion
|
| Greenshoe: | RMB 1 billion
|
| Maturity: | July 25, 2019
|
| Joint bookrunners: | Goldman Sachs (Asia) LLC and China International Capital Corp. Hong Kong Securities Ltd.
|
| Joint lead managers: | BOCI Asia Ltd., Citigroup Global Markets Ltd., ICBC International Securities Ltd. and Morgan Stanley & Co. International plc
|
| Coupon: | 1.625%
|
| Price: | Par
|
| Yield: | 1.625%
|
| Initial conversion premium: | 15%
|
| Initial conversion price: | HK$7.13
|
| Pricing date: | July 13
|
| Distribution: | Regulation S
|
| Stock code: | Hong Kong: 00135.HK
|
| Stock price: | HK$6.20 at close on July 13
|
| Rating: | S&P: A+
|
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