Chicago, June 17 – 3SBio Inc. priced €320 million 0% convertible bonds due June 29, 2025 at par, according to a notice.
The notes have a conversion premium of 25%.
The redemption price for the notes is 107.76 at maturity.
The notes can be called after June 29, 2023, subject to a 130% hurdle.
The notes are putable on June 29, 2023 at 104.59.
Deutsche Bank AG, Hong Kong Branch and J.P. Morgan Securities plc are joint global coordinators and bookrunners for the offering.
Proceeds from the new bond offering will be used for the concurrent repurchase or redemption of the existing bonds, for research and development, for the purchase of operation facilities and for other general corporate purposes.
Concurrently with the new convertible bond offering, the company will repurchase its 0% convertible bonds due 2022, which have €295 million outstanding and are convertible into 185,224,054 shares.
3SBio is a Shenyang, China-based biotechnology company.
| Issuer: | 3SBio Inc.
|
| Amount: | €320 million
|
| Securities: | Convertible bonds
|
| Maturity: | June 29, 2025
|
| Bookrunners: | Deutsche Bank AG, Hong Kong Branch and J.P. Morgan Securities
|
| Trustee: | DB Trustees (Hong Kong) Ltd.
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | 107.76
|
| Conversion premium: | 25%
|
| Conversion price: | HK$13.1750
|
| Call: | After June 29, 2023, subject to a 130% hurdle
|
| Put: | June 29, 2023 at 104.59
|
| Pricing date: | June 17
|
| Closing date: | June 29
|
| Closing price: | HK$10.54 on June 17
|
| Stock code: | Hong Kong, 1530
|
| Market cap: | HK$26.76 billion
|
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