By Ronda Fears
Nashville, Oct. 28 - Ganfair Finance Ltd., which is to be renamed Brilliance China Automotive Finance Ltd., sold $170 million of five-year convertible bonds at par to yield 0% with a 37.31% initial conversion premium, via sole bookrunner Citigroup.
Proceeds are intended to be used for general corporate purposes and working capital.
Brilliance China Automotive Holdings Ltd., parent and guarantor of the bonds, manufactures and sells minibuses and sedans in China through its subsidiary, Shenyang Automotive.
In Hong Kong, Brilliance China Automotive shares closed up HK$0.025, or 0.75%, to HK$3.35.
Terms of the deal are:
Issuer: | Ganfair Finance Ltd., to be renamed Brilliance China Automotive Finance Ltd.
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Reference shares: | Brilliance China Automotive Holdings Ltd.
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Issue: | Convertible bonds
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Lead manager: | Citigroup
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Amount: | $170 million
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Greenshoe: | $30 million
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Maturity: | Nov. 28, 2008
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Coupon: | 0%
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Price: | Par
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Yield: | 0%
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Conversion premium: | 37.31%
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Conversion price: | HK$4.60
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Conversion ratio: | 217.3913
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Call: | Non-callable for 2 years
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Put: | In year 3
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Pricing date: | Oct. 28
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Settlement | Nov. 28
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Distribution: | Rule 144A
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