By Rebecca Melvin
New York, June 3 – Suntrust Home Developers Inc. plans to issue PHP 5.6 billion of convertible bonds at par with a 6% coupon and an initial conversion premium of 56.52% over the closing price of shares on the day prior to its subscription agreement with Summit Ascent Holdings Ltd., the initial purchaser of the bonds, according to a company release to the Hong Kong Stock Exchange.
The bonds are being issued in connection with a hotel casino construction project.
They will be issued in registered form and in minimum denomination of PHP 50,000,000 each. The conversion price will initially be PHP1.8 per conversion share, which is subject to adjustment provisions.
The bonds s are non-callable, but holders may put the bonds after one year.
Suntrust is 51% owned by Fortune Noble Ltd., a subsidiary of Hong Kong-based Suncity Group Holdings Ltd.
Summit Ascent is a Hong Kong-based investment holding company engaged principally in the trading of titles and engineering operations products.
| Issuer: | Suntrust Home Developers Inc.
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| Issue: | Convertible bonds
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| Amount: | PHP 5.6 billion
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| Coupon: | 6%
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| Par value: | Par, PHP 50,000,000
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| Initial conversion premium: | 56.52%
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| Announcement date: | June 2
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