By Marisa Wong
Madison, Wis., July 7 – Dongfang Electric Corp. Ltd. announced it priced RMB 4 billion of six-year A share convertible bonds at par.
The bonds will bear interest at 0.5% in the first year, 0.8% in the second and third years, 1.4% in the fourth year and 2% in the fifth and sixth years.
The initial conversion price is RMB 12 per share.
At maturity, all outstanding bonds will be redeemed at 105.
Citic Securities Co. Ltd., Credit Suisse Founder Securities Ltd. and J.P. Morgan First Capital Securities Co., Ltd. are the joint lead underwriters.
The bonds were first proposed in October 2013.
According to a previous announcement, the bonds will be callable at a 130% hurdle and will have a clean-up call provision.
Proceeds will be used to invest in projects.
Dongfang Electric is a power company based in Chengdu, Sichuan, China.
| Issuer: | Dongfang Electric Corp. Ltd.
|
| Issue: | A share convertible bonds
|
| Amount: | RMB 4 billion
|
| Maturity: | July 10, 2020
|
| Coupon: | 0.5% in first year, 0.8% in second and third years, 1.4% in fourth year and 2% in fifth and sixth years
|
| Price: | Par
|
| Redemption price: | 105 at maturity
|
| Conversion price: | RMB 12
|
| Call: | At a 130% hurdle; clean-up call provision
|
| Underwriters: | Citic Securities Co. Ltd., Credit Suisse Founder Securities Ltd. and J.P. Morgan First Capital Securities Co., Ltd.
|
| Announcement date: | July 7
|
| Settlement date: | July 10
|
| Stock symbol: | Hong Kong: 1072
|
| Stock price: | HK$13.54 at close July 4
|
| Market capitalization: | HK$29.52 billion
|
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