By Rebecca Melvin
New York, Nov. 30 - Asahi Glass Co. Ltd. priced two ¥50 billion tranches of 0% convertible bonds at par, with one tranche maturing in three years and the other maturing in five years, according to a news release Wednesday.
Some details of the issuance were previously reported by Prospect News.
Each tranche, which was initially ¥45 billion in size, has a ¥5 billion greenshoe; and the Regulation S bonds are expected to be listed on the Singapore Exchange Securities Trading Ltd.
The 2012 bonds have a conversion price of ¥1,122, which represents a premium to the share reference price of 39.9%. The 2014 bonds have a conversion price of ¥1,098, which represents a premium to the share reference price of 36.9%.
Proceeds are earmarked for capital expenditures aimed at strengthening and expanding existing businesses and for debt repayment.
The bonds, which mature Oct. 31, 2012 and Oct. 31, 2014, are non-callable until Aug. 1, 2012 for the 2012 bonds and until Aug. 1, 2014 for the 2014 bonds.
Holders of either bond tranche can convert their bonds after Dec. 28, and in the case of the 2014 bonds, before Feb. 1, 2013, if the closing share price on the last day of any quarter is 120% of conversion for 20 out of the last 30 days.
Tokyo-based Asahi Glass is a glass producer.
| Issuer: | Asahi Glass Co. Ltd.
|
| Issue: | Convertible bonds
|
| Total amount: | ¥100 billion
|
| Greenshoe: | ¥5 billion for each tranche
|
| Coupon: | 0%
|
| Price: | Par
|
| Distribution: | Regulation S
|
| Settlement date: | Dec. 14
|
| Share reference: | Tokyo: ¥802 on Nov. 25
|
|
|
| Three-year tranche
|
| Amount: | ¥50 billion
|
| Maturity: | Oct. 31, 2012
|
| Conversion premium: | 39.9%
|
| Conversion price: | ¥1,122
|
| Call: | Non-callable until Aug. 1, 2012
|
| Conversion rights: | After Dec. 28
|
|
|
| Five-year tranche
|
| Amount: | ¥50 billion
|
| Maturity: | Oct. 31, 2014
|
| Conversion premium: | 36.9%
|
| Conversion price: | ¥1,098
|
| Call: | Non-callable until Aug. 1, 2014
|
| Conversion rights: | After Dec. 28 and before Feb. 1, 2013, if the share price is 120% of conversion for 20 out 30 consecutive trading days before the last day of the quarter
|
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