Crystal Idea talks HK$3.11 billion convertible bonds due 2022 at 1.75%-2.25%, up 20%-25%

By Abigail W. Adams

Portland, Me., Oct. 19 – Crystal Idea Group Ltd. plans to price HK$3.11 billion in guaranteed convertible bonds due 2022 on Tuesday with price talk for an issue and redemption price of par, a coupon of 1.75% to 2.25% and an initial conversion premium of 20% to 25%, according to a market source.

Morgan Stanley & Co. International plc is the bookrunner for the Regulation S offering.

The bonds are guaranteed by parent company Shimao Services Holdings Ltd.

The bonds are non-callable except for a tax event or if less than 10% of the principal amount remains outstanding.

The convertibles are putable upon a takeover or delisting event. There is dividend protection.

Concurrently the company plans to price a secondary offering of 108 million shares at a public offering price of HK$15.18 to HK$15.68.

Proceeds will be used for potential mergers and acquisitions and general corporate purposes.

Crystal Idea Group is a wholly owned subsidiary of Shimao Services, a Shanghai-based residential property manager.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.