By Wendy Van Sickle
Columbus, Ohio, Feb. 4 – Sinco Pharmaceuticals Holdings Ltd. has entered into an agreement for the placement of HK$170 million of 18-month convertible bonds with a coupon of 6% and an initial conversion premium of 22%, according to a company news release.
South China Securities Ltd. is placing agent for the offering, which is to be placed on a best-efforts basis.
Proceeds will be to refinance existing debt and broaden the company’s capital base.
Sinco Pharmaceuticals is a Chengdu, China-based investment holding company that provides marketing and promotion for imported pharmaceutical products in China.
| Issuer: | Sinco Pharmaceuticals Holdings Ltd.
|
| Securities: | Convertible bonds
|
| Amount: | HK$170 million
|
| Tenor: | 18 months
|
| Bookrunner: | South China Securities Ltd.
|
| Coupon: | 6%
|
| Conversion premium: | 22%
|
| Conversion price: | HK$0.488
|
| Put options: | Upon a fundamental change
|
| Pricing date: | Feb. 4
|
| Stock symbol: | HK: 6833
|
| Stock price: | HK$0.4 closing price on Feb. 4
|
| Market capitalization: | HK$676.76 million
|
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