By Wendy Van Sickle
Columbus, Ohio, Jan. 22 – Sino Biopharmaceutical Ltd. priced €750 million 0% convertible bonds due 2025 on Wednesday with price talk for a reoffer price of par to 102 and an initial conversion premium of 57.5%, according to a company announcement.
Price talk had been for a reoffer price of par to 102 and an initial conversion premium of 57.5% to 73.3%
The reference share price will be HK$12.12 with the initial conversion price of HK$19.09.
Talk had been for an initial conversion price of HK$19.09 to HK$21.00.
Citigroup Global Markets Inc., HSBC, UBS, J.P. Morgan Securities Plc and Goldman Sachs (Asia) LLC are bookrunners for the Regulation S offering.
The issue was upsized from initial talk of €600 million.
The bonds will be convertible based on a fixed exchange rate of €1 to HK$8.6129.
The bonds are callable after three years subject to a 125% hurdle. They are putable at par on Feb. 17, 2023 or if there is a change-of-control or delisting event.
Proceeds will be used for research and development, construction of manufacturing facilities, sales and marketing, and general corporate purposes.
Sino Biopharmaceutical is a Hong Kong-based medicine products business.
| Issuer: | Sino Biopharmaceutical Ltd.
|
| Securities: | Convertible bonds
|
| Amount: | €750 million
|
| Maturity: | Feb. 17, 2025
|
| Bookrunners: | Citigroup Global Markets Inc., HSBC, UBS, J.P. Morgan Securities Plc and Goldman Sachs (Asia) LLC
|
| Coupon: | 0%
|
| Price: | Par
|
| Conversion premium: | 57.5%
|
| Conversion price: | HK$19.09
|
| Call options: | After three years subject to a 125% hurdle
|
| Put options: | At par on Feb. 17, 2023 or if there is a change-of-control or delisting event
|
| Pricing date: | Jan. 22
|
| Issue date: | Feb. 17
|
| Distribution: | Regulation S
|
| Stock symbol: | HK: 1177
|
| Stock price: | HK$12.12
|
| Market capitalization: | HK$148.54 billion
|
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