By Abigail W. Adams
Portland, Me., Aug. 31 – China Shanshui Cement Group Ltd. priced $320.7 million of three-year convertible bonds after the market close on Aug. 30 with a coupon of 20% and an initial conversion premium of 0%, according to a company news release.
The bonds are subject to the fulfillment of certain conditions before completion.
The conversion price for the bonds is HK$6.29 with the exchange rate set at $1 per HK$7.80.
The conversion price represents a 0% premium from the last closing price, a 1.75% premium from the five-day trading average and a 6.63% premium from the 10-day trading average.
There is a total of 397,688,390 shares underlying the convertible bonds.
The notes are callable at par if the company is discovered to have failed to obtain all necessary authorizations in relation to the subscription agreements and the issuance of the convertible bonds.
Holders will have the right to require the company to redeem the notes at 110% of the outstanding amount upon a triggering event.
Net proceeds are expected to be $320.5 million. Proceeds will be used to cover the cost of the transaction, to repay debt and for general corporate purposes.
China Shanshui Cement Group is Hong Kong-based producer of cement, clinker and concrete products in China.
| Issuer: | China Shanshui Cement Group Ltd.
|
| Securities: | Convertible bonds
|
| Amount: | $320.7 million
|
| Maturity: | Aug. 8, 2021
|
| Coupon: | 20%
|
| Conversion premium: | 0% from last closing price, 1.75% over the five-day average, 6.63% over the 10-day average
|
| Conversion price: | HK$6.29
|
| Exchange rate | $1.00:HK$7.80
|
| Call options: | Callable under certain conditions
|
| Put options: | Putable upon a fundamental change
|
| Pricing date: | Aug. 30
|
| Stock symbol: | HK: 691
|
| Stock price: | HK$6.29 at market close Aug. 30
|
| Market capitalization: | HK$21.255 billion
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
