By Abigail W. Adams
Portland, Me., Jan. 14 – Sail Vantage Ltd. priced HK$2.75 billion of 0% five-year convertible bonds at par with a redemption price at maturity of 111.837 and an initial conversion premium of 35%, according to a listing circular.
Goldman Sachs (Asia) LLC and Morgan Stanley & Co. International plc were bookrunners for the Regulation S offering.
The bonds are non-callable until Jan. 13, 2025 and then subject to a 130% hurdle. They are also subject to a clean-up call or become callable upon a tax event.
The bonds are putable on Jan. 13, 2025 at a put price of 106.9428 or upon a change-of-control or delisting event.
Concurrently, the company priced 22.5 million or HK$779 million shares at a price of HK$34.63 per share. There was also a concurrent placement to facilitate hedging activity at the same price.
Net proceeds are expected to be HK$2,689,660,000. Proceeds will be used for business expansion and other general corporate purposes, including strategic investments and acquisitions.
Sail Vantage is a wholly owned subsidiary of China MeiDong Auto Holdings Ltd., a Donguan, China-based investment holding company primarily involved in automobile dealerships and parts manufacturing.
| Issuer: | Sail Vantage Ltd.
|
| Amount: | HK$2.75 billion
|
| Issue: | Convertible bonds
|
| Maturity: | Jan. 13, 2027
|
| Bookrunners: | Goldman Sachs (Asia) LLC and Morgan Stanley & Co. International plc
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | 111.837
|
| Conversion premium: | 35%
|
| Conversion price: | HK$46.75
|
| Call options: | Non-callable until Jan. 13, 2025 and then subject to a 130% hurdle
|
| Put options: | Putable on Jan. 13, 2025 at put price of 106.9428 or upon a change-of-control or delisting event
|
| Settlement date: | Jan. 13
|
| Distribution: | Regulation S
|
| Stock symbol: | HKG: 1268
|
| Stock reference price: | HK$34.63 in concurrent placement
|
| Market capitalization: | HK$42.49 billion
|
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