New Issue: Feringghi prices $414.5 million exchangeable, into PLUS, yield 1.95%, up 18%

New York, Dec. 16 - Feringghi Capital Ltd. sold $375 million of 0% five-year convertible senior unsecured bonds, which convert into PLUS Expressways Bhd, plus $39.5 million of the greenshoe, at par to yield 1.95% on a redemption price of 110.189 with an 18% initial conversion premium.

The issue priced at the cheaper to midpoint of guidance to yield 1.55% to 2.05% with a 15% to 22% initial conversion premium.

Issuer:	Feringghi Capital Ltd.
Guarantor:	Khazanah Nasional Berhad
Reference shares:	PLUS Expressways Bhd
Issue:	Exchangeable bond
Amount:	$375 million
Greenshoe:	$55 million, $39.5 million exercised
Maturity:	December 2009
Coupon:	0%
Price:	100
Redemption price:	110.189
Yield:	1.95%
Conversion premium:	18%
Conversion price:	RM3.151, or $0.829
Call:	Non-callable for 2 years, then with 130% hurdle
Put:	In year 2 at 103.957
Pricing date:	Dec. 15
Bookrunners:	CIMB Bhd and JPMorgan

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