By Evan Weinberger
New York, Nov. 29 - Wilmar International Ltd. priced $500 million in zero-coupon convertible bonds due Dec. 18, 2012 with a redemption price of 117.78, a yield of 3.3% and an initial conversion premium of 28% Thursday.
CIMB-GK Securities Pte. Ltd., DBS Bank Ltd. and Goldman Sachs (Singapore) are joint bookrunners of the Regulation S transaction. There is a $100 million over-allotment option and the settlement date is expected to be Dec. 18. The convertibles were offered at par.
The conversion price is S$5.38.
The convertibles are callable beginning Dec. 18, 2009 until Dec. 11, 2012 subject to a 130% hurdle. There is a put option on Dec. 18, 2010 at a price of 110.32. The convertibles have change of control and delisting protections and carry a negative pledge.
Wilmar is an agribusiness firm based in Singapore. The company plans to use the proceeds for capital expenditures, repayment of debt in existing credit facilities and general corporate purposes.
Issuer: Wilmar International Ltd.
Issue: Convertible bonds
Amount: $400 million
Greenshoe: $100 million
| Maturity: | Dec. 18, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 3.3%
|
| Redemption price: | 117.78
|
| Conversion premium: | 28%
|
| Conversion price: | S$5.38
|
| Call: | Between Dec. 18, 2009 and Dec. 11 2012 subject to 130% hurdle
|
| Put: | Dec. 18, 2010 at 110.32%
|
| Bookrunner: | CIMB-GK Securities Pte. Ltd., DBS Bank Ltd. and Goldman Sachs (Singapore)
|
| Distribution: | Regulation S
|
| Pricing date: | Nov. 29
|
| Settlement date: | Dec. 18
|
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