By Abigail W. Adams
Portland, Me., June 17 – Ming Lam Holdings Ltd. entered into a placement agreement on June 14 to place up to HK$297,769,964 in one-year convertible bonds with a coupon of 12% and an initial conversion premium of 185.71%, according to a company news release.
Chung Sun Securities Ltd. is acting as placement agent for the offering.
The bonds are non-callable.
Assuming full placement of the convertible bonds, net proceeds are expected to be HK$294.8 million.
Proceeds will be used to repay debt, for potential investment in a tourism related real estate project in Cambodia and for general working capital.
Ming Lam Holdings is a Hong Kong-based investment holding company primarily focused on the manufacture and sale of packaging equipment.
| Issuer: | Ming Lam Holdings Ltd.
|
| Securities: | Convertibles bond
|
| Amount: | HK$297.77 million
|
| Maturity: | 2020
|
| Bookrunner: | Chung Sun Securities Ltd.
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion premium: | 185.71%
|
| Conversion price: | HK$0.10
|
| Call options: | Non-callable
|
| Pricing date: | June 14
|
| Stock symbol: | HKG: 1106
|
| Stock price: | HK$0.035 as of June 14
|
| Market capitalization: | HK$595.54 million
|
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