By Rebecca Melvin
New York, Dec. 13 - FKP Property Group priced an upsized A$125 million five-year convertible senior bonds at par to yield 8% with an initial conversion premium of 22%, according to a news release.
The Regulation S deal was initially going to be up to A$100 million in size.
The initial conversion price is A$1.014 a share, and the stock reference price is A$0.8329.
The Australian property and investment group plans to use proceeds to repay A$100 million of a debt facility that is drawn to A$375 million and matures in March 2011. Remaining proceeds are earmarked for general corporate purposes.
FKP has received approval to extend for three years the remaining A$275 million of the DEBT facility.
The bonds will be traded on the Singapore Stock Exchange.
Goldman Sachs & Partners Australia Capital Markets Ltd. was the bookrunner.
FKP is a real estate development company based in Brisbane, Australia.
| Issuer: | FKP Property Group
|
| Issue: | Convertible senior bonds
|
| Amount: | A$125 million, upsized from A$100 million
|
| Maturity: | January 2016
|
| Bookrunner: | Goldman Sachs & Partners Australia Capital Markets Ltd.
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion premium: | 22%
|
| Conversion price: | A$1.014
|
| Pricing date: | Dec. 10
|
| Distribution: | Regulation S
|
| Stock symbol: | Australia: FKP
|
| Stock price: | A$0.8329 at close Dec. 10
|
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