By Marisa Wong
Madison, Wis., Nov. 6 - Fosun International Ltd. announced it priced HK$3.88 billion of 1.5% guaranteed convertible bonds due 2018 at par on Wednesday. Redemption at maturity is 106.65.
UBS and Morgan Stanley are the joint lead managers for the Regulation S deal.
The initial conversion price will be HK$10.00 per share, which is a 32.5% premium over the HK$7.55 closing price of the company's stock on Wednesday.
The bonds are putable three years after the issue date at an early redemption amount of 2.75%.
The bonds are non-callable for three years and then are provisionally callable at any time after three years.
The closing date is expected to be Nov. 22.
Proceeds will be used for working capital and general corporate purposes.
Fosun is a Shanghai-based conglomerate.
| Issuer: | Fosun International Ltd.
|
| Issue: | Guaranteed convertible bonds
|
| Amount: | HK$3,875,000,000
|
| Maturity: | Nov. 22, 2018
|
| Coupon: | 1.5%
|
| Price: | Par
|
| Conversion premium: | 32.5%
|
| Conversion price: | HK$10.00
|
| Redemption at maturity: | 106.65
|
| Call option: | Non-callable for three years; at 130% hurdle any time after Nov. 22, 2016
|
| Put option: | In whole or in part on Nov. 22; 2.75% early redemption amount
|
| Managers: | Morgan Stanley & Co. International plc, UBS AG, Hong Kong Branch
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 22
|
| Stock symbol: | Hong Kong: 656
|
| Stock price: | HK$7.55 on Nov. 6
|
| Market capitalization: | HK$48.48 billion
|
| Distribution: | Regulation S
|
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