New York, July 13 – Singha Estate PCL priced $180 million of 2% standby letter of credit-backed convertible bonds due 2022, according to a company announcement.
Credit Suisse (Singapore) Ltd. and Krung Thai Bank PCL are managers for the offering, which was sold to investors outside Thailand and the United States.
The standby letter of credit is being provided by Krung Thai Bank.
Initially the conversion price is 4.99 baht. If the market price of the company’s stock is less than the conversion price, the conversion price will reset on Sept. 20, 2018 to the market price, subject to a floor of 4.6033 baht.
The bonds are callable at par starting on Aug. 10, 2020 subject to the stock trading at 130% or more of the conversion price for 30 consecutive trading days.
Investors may put the bonds at par on July 20, 2020.
Singha Property Management (Singapore) Pte. Ltd., a major shareholder of the company, has entered into a stock borrowing and lending transaction with Credit Suisse in order to lend shares to bondholders.
Singha Estate is a Bangkok, Thailand-based real estate company with residential, commercial and hotel operations.
| Issuer: | Singha Estate PCL
|
| Issue: | Standby letter of credit-backed convertible bonds
|
| Amount: | $180 million
|
| Maturity: | July 20, 2022
|
| Managers: | Credit Suisse (Singapore) Ltd., Krung Thai Bank PCL
|
| Coupon: | 2%
|
| Conversion price: | 4.99 baht, may reset on Sept. 20, 2018
|
| Call: | Starting Aug. 10, 2020 at par subject to 130% stock price hurdle
|
| Put: | July 20, 2020 at par
|
| Pricing date: | July 12
|
| Settlement date: | July 20
|
| Stock symbol: | Stock Exchange of Thailand: S
|
| Stock price: | 4.64 baht at close on July 12
|
| Market capitalization: | 27.6 billion baht
|
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