By Marisa Wong
Madison, Wis., July 16 – China Singyes Solar Technologies Holdings Ltd. priced RMB 930 million of 5% dollar-settled convertible bonds at par with an initial conversion premium of 32.5%, according to a notice.
BOCI Asia and HSBC are the joint bookrunners for the Regulation S deal.
The initial conversion price for the five-year bonds is HK$16.11.
The bonds are callable at any time after Aug. 8, 2017 if the company’s stock closes at or above 130% of the conversion price for 20 out of 30 consecutive trading days. The bonds are also putable on Aug. 8, 2017 and have a clean-up call provision.
Settlement is slated for Aug. 8.
China Singyes designs renewable energy systems and is based in Zhuhai, Guangdong, China.
| Issuer: | China Singyes Solar Technologies Holdings Ltd.
|
| Issue: | Dollar-settled convertible bonds
|
| Amount: | RMB 930 million
|
| Maturity: | Aug. 8, 2019
|
| Bookrunners: | BOCI Asia and HSBC
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Conversion premium: | 32.5%
|
| Conversion price: | HK$16.11
|
| Call option: | At any time after Aug. 8, 2017 if company’s stock closes at or above 130% of conversion price for 20 out of 30 consecutive trading days; clean-up call
|
| Put option: | On Aug. 8, 2017
|
| Pricing date: | July 16
|
| Settlement date: | Aug. 8
|
| Stock symbol: | Hong Kong: 750
|
| Stock price: | HK$12.16 at close July 16
|
| Market capitalization: | HK$8.44 billion
|
| Distribution: | Regulation S
|
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