By Abigail W. Adams
Portland, Me., July 20 – Universe Trek Ltd. priced $200 million 0% convertible notes due 2026 on Tuesday at par with a redemption price of 110.46, a put price of 106.15 and an initial conversion premium of 28.92%, according to a company announcement.
Huatai Financial Holdings (Hong Kong) Ltd. is manager for the Regulation S offering.
The bonds are guaranteed by Far East Horizon Ltd.
The notes are non-callable until Aug. 5, 2024 and then subject to a 125% hurdle.
They are putable on Aug. 5, 2024 at a put price of 106.15 or upon a delisting or change-of-control event.
Proceeds will be used to repay debt and for general corporate purposes.
Universe Trek is a wholly owned subsidiary of Far East Horizon, a Hong Kong-based financial services provider.
| Issuer: | Universe Trek Ltd.
|
| Guarantor: | Far East Horizon Ltd.
|
| Securities: | Convertible notes
|
| Amount: | $200 million
|
| Maturity: | Aug. 5, 2026
|
| Bookrunners: | Huatai Financial Holdings (Hong Kong) Ltd.
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | 110.46
|
| Conversion premium: | 28.92%
|
| Conversion price: | HK$10.70
|
| Call options: | Non-callable until Aug. 5, 2024 and then subject to a 125% hurdle
|
| Put options: | Aug. 5, 2024 at 106.15
|
| Pricing date: | July 20
|
| Settlement date: | Aug. 5
|
| Distribution: | Regulation S
|
| Stock symbol: | HKG: 3360
|
| Stock price: | HK$8.30
|
| Market capitalization: | HK$34.56 billion
|
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