Chicago, June 9 – China Mengniu Dairy Co. Ltd. sold HK$650 million of 4.5% exchangeable bonds on Thursday exchangeable into ordinary shares of China Modern Dairy Holdings Ltd., according to an announcement.
The conversion price is HK$1.144 per share against a HK$0.88 stock price on June 8, which results in an 30% initial exchange premium.
The bonds will be exchangeable at the holder’s election from July 26 to 10 days before the maturity date.
The bonds are putable on June 15, 2025.
The bonds are callable by the company starting on June 29, 2025, subject to a 130% hurdle.
BOCI Asia Ltd. and BNP Paribas Securities (Asia) Ltd. are the joint global coordinators, joint bookrunners and joint lead managers.
Proceeds will be used to refinance debt.
China Mengniu is a Hong Kong-based dairy company.
| Issuer: | China Mengniu Dairy Co. Ltd.
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| Amount: | HK$650 million
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| Issue: | Exchangeable bonds
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| Maturity: | June 15, 2026
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| Bookrunners: | BOCI Asia Ltd. and BNP Paribas Securities (Asia) Ltd.
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| Trustee: | Citicorp International Ltd.
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| Coupon: | 4.5%
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| Price: | Par
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| Yield: | 4.5%
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| Exchange premium: | 30%
|
| Exchange price: | HK$1.144 per share
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| Exchange rate: | 874,125 shares
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| Call features: | Starting June 29, 2025, subject to 130% hurdle
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| Change of control: | At par
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| Puts: | June 15, 2025
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| Trade date: | June 8
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| Settlement date: | June 15
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| Distribution: | Regulation S
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| Stock symbol: | HK: 1117
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| Stock price: | HK$0.88 on June 8
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| Market capitalization: | HK$6.887 billion
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