By Abigail W. Adams
Portland, Me., Oct. 29 – Zhou Hei Ya International Holding Co. Ltd. entered into a subscription agreement for HK$1.55 billion of five-year convertible bonds on Wednesday at par with a coupon of 1% and an initial conversion premium of 22.5%, according to a company announcement.
Credit Suisse (Hong Kong) Ltd. is global coordinator and bookrunner for the Regulation S offering.
Unless earlier converted, the bonds will be redeemed at 106.58 upon maturity, in addition to accrued interest.
The bonds are non-callable until Nov. 19, 2023 and then subject to a 130% hurdle.
They are putable on Nov. 5, 2023 at 103.86 or upon a delisting or change of control event.
The bonds will be listed for trade on the Hong Kong Stock Exchange.
In connection with the offering, Credit Suisse entered into a stock borrowing and lending agreement with stockholder Healthy Origin Holding Ltd.
Net proceeds are expected to be HK$1.52 billion.
Proceeds will be used to explore new business opportunities in overseas markets, for research and development and for general corporate purposes.
Zhou Hei Ya is a Wuhan, China-based food products company.
| Issuer: | Zhou Hei Ya International Holding Co. Ltd.
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| Securities: | Convertible bonds
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| Amount: | HK$1.55 billion
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| Maturity: | Nov. 5, 2025
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| Bookrunner: | Credit Suisse (Hong Kong) Ltd.
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| Coupon: | 1%
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| Price: | Par
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| Redemption price: | 106.58
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| Conversion premium: | 22.5%
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| Conversion price: | HK$10.40
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| Call options: | Non-callable until Nov. 19, 2023 and then subject to a 130% hurdle
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| Put options: | Nov. 5, 2023 at 103.86 or upon a delisting or change of control
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| Pricing date: | Oct. 28
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| Settlement date: | Nov. 5
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| Distribution: | Regulation S
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| Stock symbol: | HK: 1458
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| Stock price: | HK$7.83
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| Market capitalization: | HK$18.66 billion
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