China Green talks RMB 1.2 billion three-year convertible bonds at 2.5%-3% coupon, up 4.5%-5%

By Kenneth Lim

Boston, March 17 - China Green (Holdings) Ltd. planned to price RMB 1.2 billion of three-year convertible senior unsecured bonds on Wednesday talked at a coupon of 2.5% to 3% and an initial conversion premium of 4.5% to 5%.

The notes were offered at par of RMB 100,000 per note. They will be redeemed at 104.76 to 107.98 at maturity, implying a yield to maturity of 4.5% to 5%, depending on pricing.

There is an over-allotment option for an additional RMB 300 million on the Regulation S offering.

UBS Investment Bank and Macquarie are the bookrunners.

The notes will be non-callable, and there are no puts.

The notes have dividend and takeover protection.

Proceeds will be used to repay existing convertible bonds and for capital expenditures.

China Green is a Hong Kong-based produce farmer and processor.

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