By Lisa Kerner
Charlotte, N.C., July 21 – Zhuguang Holdings Group Co. Ltd. issued $60 million of first-tranche notes to one first-tranche investor on July 18, according to a company news release.
The investor received warrants for $12 million shares with the notes.
The company has issued first-tranche notes totaling $100 million and warrants totaling $20 million.
As previously reported, Zhuguang issued $40 million of 11.8% three-year senior notes on July 17 in the first tranche of an up to $350 million private placement. The investors received warrants for $8 million shares with their notes.
Under a June 20 note purchase agreement, Blooming Rose Enterprises Corp., Design Time Ltd. and Wise Sharp Investments Ltd. agreed to purchase $100 million of the notes in the first tranche and receive warrants for $20 million of warrants.
CCB International (Holdings) Ltd. is the agent.
Up to $250 million of notes and warrants for $50 million of shares will be issued in the second tranche.
The three-year warrants have a strike price of HK$2.3778, which is a premium of 17.13% over the HK$2.03 closing share price on June 20.
Proceeds will be used to fund real estate development projects and for general working capital.
Zhuguang is an investment holding company based in Hong Kong. It operates in property sales and property rental.
Issuer: | Zhuguang Holdings Group Co. Ltd.
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Issue: | Senior notes
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Amount: | Up to $350 million
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Maturity: | Three years
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Coupon: | 11.8%
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Price: | Par
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Yield: | 11.8%
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Warrants: | For up to $70 million shares
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Strike price: | HK$2.3778
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Agent: | CCB International Capital Ltd.
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Pricing date: | June 20
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Settlement dates: July 17 (for $40 million notes and warrants for $8 million shares); July 21 (for $60 million notes and warrants for $12 million shares)
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Distribution: | Private placement
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Purchasers: | Blooming Rose Enterprises Corp., Design Time Ltd. and Wise Sharp Investments Ltd. (for $100 million notes)
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Stock listing: | Hong Kong: 01176
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