By Abigail W. Adams
Portland, Me., June 23 – Beijing Energy International Holding Co., Ltd. priced $50 million 3.8% convertible bonds due 2024 at par with an initial conversion premium of 20% and redemption price of 106 plus unpaid interest, according to a company announcement.
KGI Asia Ltd. is lead manager for the Regulation S offering, which carries an upsize option of $50 million.
The bonds are callable upon a tax event or if 90% or more of the principal amount is outstanding.
They are putable upon a change-of-control or delisting event or on the early redemption date specified by the company.
The bonds will be listed for trade on the Hong Kong Stock Exchange.
Net proceeds are expected to be $49.275 million or will be $99.1 million if the greenshoe is exercised in full.
Proceeds will be used to refinance offshore debt and for general corporate purposes.
Beijing Energy is a Hong Kong-based energy holding company focused on solar and renewable energy.
| Issuer: | Beijing Energy International Holding Co., Ltd.
|
| Securities: | Convertible bonds
|
| Amount: | $50 million
|
| Greenshoe: | $50 million
|
| Maturity: | June 29, 2024
|
| Bookrunner: | KGI Asia Ltd.
|
| Coupon: | 3.8%
|
| Price: | Par
|
| Redemption price: | 106
|
| Conversion premium: | 20%
|
| Conversion price: | HK$0.33
|
| Call options: | Upon a tax event or for a clean-up call
|
| Put options: | At a date specified by the issuer or upon a delisting event
|
| Pricing date: | June 22
|
| Settlement date: | June 29
|
| Distribution: | Regulation S
|
| Stock symbol: | HK: 686
|
| Stock price: | HK$0.275 at market close June 22
|
| Market capitalization: | HK$6.16 billion
|
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