By William Gullotti
Buffalo, N.Y., Nov. 23 – EVE Energy Co., Ltd., via its subsidiary EVE Battery Investment Ltd., priced $350 million of 0.75% secured guaranteed exchangeable bonds due 2026, according to an offering memorandum on Tuesday.
The bonds will be guaranteed by the parent company.
From Jan. 2 to 10 days before the maturity date, bondholders can exchange their bonds for their pro rata share of the exchange property.
The exchange property is 58,543,474 H shares of Smoore International Holdings Ltd. For each $200,000 principal amount of bonds, the initial conversion rate is 33,453.4135 shares.
EVE can elect to settle the bonds in cash.
The bonds can be called after Dec. 7, 2024 subject to a 130% hurdle.
The bonds are putable on Nov. 22, 2024.
Citigroup was the bookrunner.
Proceeds will be used for onshore and offshore project investment and working capital of the group.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Nov. 23.
The issuer is an indirect subsidiary and investment branch of Eve Energy Co., Ltd., which is a China-based company principally engaged in the development, manufacture and distribution of battery products.
| Issuer: | EVE Battery Investment Ltd.
|
| Guarantor: | EVE Energy Co., Ltd.
|
| Issue: | Secured guaranteed exchangeable bonds
|
| Exchange: | 58,543,474 H shares of Smoore International Holdings Ltd.
|
| Amount: | $350 million
|
| Maturity: | Nov. 22, 2026
|
| Bookrunner: | Citigroup
|
| Trustee: | Citicorp International Ltd.
|
| Counsel to issuer: | Clifford Chance (English), Beijing Dentons Law Offices, LLP (Guangzhou) (China), Appleby (BVI)
|
| Counsel to bookrunner: | Linklaters (English), Jingtian & Gongcheng (China)
|
| Coupon: | 0.75%
|
| Price: | Par of $200,000
|
| Yield: | 0.75%
|
| Call option: | After Dec. 7, 2024 subject to a 130% hurdle
|
| Conversion rate: | 33,453.4135 shares
|
| Puts: | At par plus interest on Nov. 22, 2024
|
| Pricing date: | Nov. 11
|
| Issue date: | Nov. 22
|
| Listing date: | Nov. 23
|
| Distribution: | Regulation S
|
| Stock symbol: | Hong Kong: 6969
|
| ISIN: | XS2383419061
|
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