By Evan Weinberger
New York, Oct. 23 - China Green Holdings Ltd. priced RMB 1 billion in U.S. dollar-settled zero-coupon convertible bonds due Oct. 29, 2010 to yield 1.5% with an initial conversion premium of 35.2% Monday.
Goldman Sachs is the bookrunner of the Regulation S transaction. The convertibles were offered at par and have a redemption price of 104.6%. The closing date is Oct. 29.
The conversion price is HK$11.
There is a call option beginning Oct. 29, 2009 subject to a 130% hurdle. There are no puts. The convertibles have change of control, delisting and takeover protections.
China Green is a Hon Kong-based agricultural company. The company plans to use the proceeds to develop new cultivation bases in the People's Republic of China and for general corporate purposes.
Issuer: China Green Holdings Ltd.
Issue: U.S. dollar-settled convertible bonds
Amount: RMB 1 billion
Maturity: Oct. 29, 2010
Coupon: 0%
Price: Par
Redemption price: 104.6%
Yield: 1.5%
Conversion premium: 35.2%
Conversion price: HK$11
Call: Beginning Oct. 29, 2009 subject to 130% hurdle
| Settlement date: | Oct. 29
|
| Bookrunner: | Goldman Sachs
|
| Distribution: | Regulation S
|
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