By Abigail W. Adams
Portland, Me., Feb. 21 – Top Glove Labuan Ltd. priced $200 million of five-year exchangeable bonds after the market close on Wednesday at par with a coupon of 2% and an initial exchange premium of 20%, according to a company news release.
BNP Paribas Securities (Asia) Ltd., CIMB Bank Ltd. and Citigroup Global Markets Ltd. were joint global coordinators for the deal, which was offered in Labuan and to persons under Regulation S subject to the selling restrictions on the offering.
The bonds will have a fixed exchange rate of $1 to RM 4.0703.
The bonds are non-callable until March 16, 2022 and then subject to a 130% hurdle.
They are redeemable at a redemption price of 109.53%.
The bonds are putable on March 1, 2022 at 105.5% of the principal amount or upon a change of control.
The bonds have a cash settlement option.
The bonds will be listed on Bursa Securities and on the Singapore Exchange Securities Trading Ltd.
Top Glove is a Kuala Lumpur-based glove manufacturer.
| Issuer: | Top Glove Labuan Ltd.
|
| Securities: | Exchangeable bonds
|
| Amount: | $200 million
|
| Maturity: | March 1, 2024
|
| Bookrunners: | BNP Paribas Securities (Asia) Ltd., CIMB Bank Ltd. and Citigroup Global Markets Ltd.
|
| Coupon: | 2%
|
| Price: | Par
|
| Initial exchange premium: | 20%
|
| Conversion price: | RM 6.204
|
| Conversion rate: | 656.0767
|
| Exchange rate: | $1:RM 4.0703
|
| Call options: | Non-callable until March 16, 2022 then subject to a 130% hurdle at 109.53
|
| Put options: | On March 1, 2022 at 105.5 or upon a change of control
|
| Pricing date: | Feb. 20
|
| Settlement date: | March 1
|
| Distribution: | Regulation S
|
| Stock symbol: | KLSE: TOPGlOV
|
| Stock price: | RM 5.17 at market close Feb. 20
|
| Market capitalization: | RM 13.06 billion
|
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