By Abigail W. Adams
Portland, Me., July 5 – Zheshang Securities Co. Ltd. priced RMB 7 billion variable-rate convertible bonds due 2028 at par with a conversion price of RMB 10.49 and a redemption price at maturity of 106, according to a Hong Kong Stock Exchange circular.
The convertible bonds will bear interest at a rate of 0.2% in year one, 0.4% in year two, 0.6% in year three; 1% in year four, 1.5% in year five and 2% in year six.
They are non-callable until Dec. 20, 2022 and then subject to a 130% hurdle.
The bonds will be listed on the Shanghai Stock Exchange.
Shangsan Co., an existing shareholder, has subscribed for RMB 3,833,185,000 of the principal amount of the convertible bonds.
Net proceeds are expected to be RMB 6,985,831,132.08 and will be used for working capital and business development.
Zheshang Securities is a Hangzhou, China-based securities brokerage company.
| Issuer: | Zheshang Securities Co. Ltd.
|
| Amount: | RMB 7 billion
|
| Issue: | Variable-rate convertible bonds
|
| Maturity: | June 13, 2028
|
| Coupon: | 0.2% in year one, 0.4% in year two, 0.6% in year three; 1% in year four, 1.5% in year five and 2% in year six
|
| Price: | Par
|
| Redemption price: | 106
|
| Conversion price: | RMB 10.49
|
| Call options: | Non-callable until Dec. 20, 2022 and then subject to a 130% hurdle
|
| Pricing date: | July 5
|
| Settlement date: | July 8
|
| Distribution: | Regulation S
|
| Stock symbol: | SHA: 601878
|
| Market capitalization: | RMB 43.67 billion
|
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