Convertibles Calendar

MAY 13

JA SOLAR HOLDINGS CO. LTD.: (Nasdaq: JASO): $300 million of five-year senior convertible notes; talked 4%-4.5%, up 32.5%-37.5%; after the market close Tuesday; $45 million greenshoe; joint bookrunners Lehman Brothers Inc. and Credit Suisse Securities (USA) LLC, with Needham & Co. and Piper Jaffray as co-managers; concurrent offering of American depositary shares, which are being borrowed by affiliates of the joint book-running managers; shelf registration; non-callable for three years, then provisionally callable subject to 130% hurdle; proceeds for the purchase and construction of manufacturing equipment and facilities, the purchase and prepayment of raw materials, working capital, and other general corporate purposes; company plans to enter into capped call transactions; Ningjin, China-based designer, maker and marketer of solar cells that sells its products to solar-module makers.

ON THE HORIZON

BLACK HILLS CORP. (NYSE: BKH): mandatory convertible securities; proceeds, along with new equity and unsecured debt, to replace bridge facility; bridge facility will be used to fund the Rapid City, S.D.-based diversified energy company's acquisition of Aquila, Inc.'s electric utility in Colorado and gas utilities in Colorado, Kansas, Nebraska and Iowa, along with the associated liabilities, for $940 million.

INTERNATIONAL CONVERTIBLES

MAY 14

TALVIVAARA MINING CO.: about €85 million of five-year convertible bonds; pricing May 14; talked to yield 4.75%-5.25%, 38%-48%; Merrill Lynch International is bookrunner; proceeds to expand Talvivaara mine's metals processing; Sotkamo, Finland-based mining concern.

ALUMINA LTD. (NYSE/ASX: AWC): about $300 million of five-year convertible bonds; proceeds to repay debt and fund investments; sole bookrunner Goldman Sachs International; Reg. S; expected to price before the Australian markets opens May 14; Melbourne, Australia-based bauxite mining company.

WEEK OF JUNE 2

SUNCORP-METWAY LTD. (ASX: SUN): A$325 million five-year mandatory convertible preference shares; Citi Global, J.P. Morgan Securities Inc., Macquarie, UBS (joint books); A$75 million greenshoe; offering set to open May 16 and close June 4; non-innovative residual tier 1 capital; proceeds for general corporate purposes, including financing asset growth and repaying existing debt; Brisbane, Queensland, Australia, finance, insurance and banking group.

ON THE HORIZON

PACIFIC ASIA PETROLEUM INC. (Pink Sheets: PFAP): $75 million of redeemable convertible preference shares; Regulation S; proceeds to fund the purchase of participating interests held by ChevronTexaco in four coalbed methane and tight gas sand resource blocks in China; Hartsdale, N.Y.-based oil and gas company with a specific focus on China.

© 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.