By Rebecca Melvin
New York, Oct. 28 – Kakao Corp. has priced a $300 million three-year convertible bond with a fixed coupon of 0%, according to a Singapore Stock Exchange listing notice on Wednesday.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were joint global coordinators and bookrunners for the Regulation S offering.
The bonds are non-callable until April 28, 2022 and then subject to a 130% hurdle.
The convertibles are putable upon a change-of-control or delisting event. There is dividend protection.
Proceeds will be used for general corporate purposes.
Kakao is a Seoul-based internet portal services company.
| Issuer: | Kakao Corp.
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| Securities: | Convertible bonds
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| Amount: | $300 million
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| Maturity: | 2023
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| Bookrunners: | Citigroup Global Markets and J.P. Morgan Securities LLC
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| Coupon: | 0%
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| Call options: | Non-callable until April 28, 2022 and then subject to a 130% hurdle
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| Put options: | Upon a fundamental change or delisting
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| Issue date: | Oct. 28
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| Distribution: | Regulation S
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