By Rebecca Melvin
New York, March 15 - 361 Degrees International Ltd. priced $125 million of five-year convertible bonds at par in a bought deal with a 4.5% coupon and a 27.4% initial conversion premium, according to a filing with the Hong Kong exchanges.
Bank of America Merrill Lynch is the bookrunner of the Regulation S deal, which has a $25 million greenshoe.
The bonds are convertible at an initial conversion price of HK$3.81
The bonds are non-callable until April 3, 2015 and then mandatorily callable if shares are 130% of the initial conversion price.
There is an investor put April 3, 2015.
Proceeds are intended to be used by the company for general corporate development and working capital.
Application has been made to list the bonds on the Singapore Exchange Securities Trading Ltd., with the underlying shares trading on the Hong Kong stock exchange.
Quanzhou, China-based 361 Degrees International makes and trades sporting goods in the People's Republic of China.
| Issuer: | 361 Degrees International Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | $125 million
|
| Greenshoe: | $25 million
|
| Maturity: | April 3, 2017
|
| Bookrunner: | Bank of America Merrill Lynch
|
| Coupon: | 4.5%
|
| Price: | Par, $100,000 per bond
|
| Yield: | 4.5%
|
| Conversion premium: | 27.4%
|
| Conversion price: | HK$3.81
|
| Call protection: | Non-callable until April 3, 2015, then mandatorily callable at 130%
|
| Puts: | April 3, 2015
|
| Pricing date: | March 13
|
| Settlement date: | April 3
|
| Stock reference price: | HK$2.79
|
| Stock code: | Hong Kong: 1361
|
| Distribution: | Regulation S
|
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