By Rebecca Melvin
New York, April 7 - Agile Property Holdings Ltd. priced $500 million of five-year convertible bonds at par of $100,000 to yield 4% with an initial conversion premium of 40%, according to a company news release Thursday.
The Regulation S offering is being sold via joint bookruners Standard Chartered Bank, Morgan Stanley & Co. International plc, HongKong and Shanghai Banking Corp. Ltd., Barclays Capital plc and Royal Bank of Scotland NV, Hong Kong Branch.
The initial conversion price of the bonds is set at HK$18.256, which will be translated using a fixed rate of US$1.00 equals HK$7.774.
The bonds are non-callable until April 28, 2014 and then are provisionally callable at a price hurdle of 130% of conversion. There is a put after year three.
The bonds can be converted after June 8, 2011 and will mature April 28, 2016.
Proceeds will be used for potential land acquisitions and for general working capital.
The company plans to list the bonds on the Singapore Exchange Securities Trading Ltd.
Closing is expected on April 28 and not later than May 12.
Agile Property is a Hong Kong-based land development company.
| Issuer: | Agile Property Holdings Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | US$500 million
|
| Maturity: | April 28, 2016
|
| Bookrunners: | Standard Chartered Bank, Morgan Stanley & Co. International plc, HongKong and Shanghai Banking Corp. Ltd., Barclays Capital plc, Royal Bank of Scotland NV, Hong Kong Branch
|
| Coupon: | 4%
|
| Price: | Par, US$100,000
|
| Yield: | 4%
|
| Conversion premium: | 40%
|
| Conversion price: | HK$18.256, translated using exchange rate of US$1.00=HK$7.774
|
| Conversion ratio: | 67.7415
|
| Calls: | Non-callable for three years, then provisionally callable after April 28, 2014 if shares are 130% of conversion
|
| Puts: | After year three
|
| Pricing date: | April 6
|
| Settlement date: | April 28
|
| Distribution: | Regulation S
|
| Stock symbol: | Hong Kong: 3383
|
| Stock reference price: | HK$13.04 at close April 6
|
| Market capitalization: | HK$37.6 billion
|
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