By Rebecca Melvin
New York, April 11 - China Huiyuan Juice Group Ltd. priced $150 million of 4% five-year convertible bonds at par of $200,000 with a yield of 5% and an initial conversion premium of 30%, according to a company news release.
The redemption price is 105.60% of par.
The Regulation S offering was sold via Credit Suisse (Hong Kong) Ltd. and Royal Bank of Scotland NV, Hong Kong Branch.
There is a $50 million greenshoe.
Proceeds from the issue will be used for refinancing existing debt and for general capital purposes.
The bonds are non-callable until April 29, 2014 and then are provisionally callable at a share price of 130% of conversion.
Holders can put their bonds after three years at the principal amount plus accrued interest.
Beijing -based China Huiyuan is a juice and non-alcoholic beverage maker.
| Issuer: | China Huiyuan Juice Group Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | $150 million
|
| Greenshoe: | $50 million
|
| Maturity: | April 29, 2016
|
| Joint lead managers: | Credit Suisse (Hong Kong) Ltd. and Royal Bank of Scotland NV, Hong Kong Branch
|
| Coupon: | 4%
|
| Price: | Par of $200,000
|
| Yield: | 5%
|
| Redemption price: | 105.60%
|
| Conversion premium: | 30%
|
| Conversion price: | HK$6.812
|
| Calls: | Non-callable until April 29, 2014, then provisionally callable at 130% price hurdle
|
| Puts: | On April 29, 2014 at 103.19
|
| Takeover protection: | Yes
|
| Pricing date: | April 8
|
| Settlement date: | April 29
|
| Distribution: | Regulation S
|
| Stock symbol: | Hong Kong: 1886
|
| Stock reference price: | HK$5.24 at close April 8
|
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