Chicago, Sept. 16 – Shunten International Ltd. has entered into an agreement for the placement of up to HK$200 million of two-year convertible bonds with a coupon of 10% and an initial conversion premium of 2.38%, according to a company news release.
Core Capital Securities Ltd. is placing agent for the offering, which is to be placed on a best-efforts basis.
The company may call the bonds at any time at par plus interest with 14 days’ notice.
Net proceeds are expected to be $198 million.
Proceeds will be used to redeem an existing HK$165 million of 6% convertible notes due 2019, for product development and marketing and for general corporate purposes.
Shunten International is a Hong Kong-based health care products distributor.
| Issuer: | Shunten International Ltd.
|
| Securities: | Convertible bonds
|
| Amount: | HK$200 million
|
| Maturity: | 2021
|
| Bookrunner: | Core Capital Securities Ltd.
|
| Coupon: | 10%
|
| Conversion premium: | 2.38%
|
| Conversion price: | HK$0.43
|
| Call option: | At any time with 14 days’ notice, at par plus interest
|
| Pricing date: | Sept. 16
|
| Stock symbol: | HK: 0932
|
| Stock price: | HK$0.42, average of five trading days ended Sept. 16
|
| Market capitalization: | HK$1.03 billion
|
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