By Ronda Fears
Nashville, Sept. 25 - Fubon Financial Holding Co. sold $225 million of 1.75-year zero-coupon, premium redemption convertible notes at par for a yield to maturity of 0.25% with a 24.5% initial conversion premium via joint bookrunners UBS Investment Bank and Citigroup.
The Regulation S deal priced at the middle of price talk that put the redemption price between 100 and 100.88, yield-to-maturity at 0% to 0.5% and premium at 22% to 27%.
Holders will receive full dividend pass-throughs.
Terms of the new deal are:
Issuer: Fubon Financial Holding Co.
| Issue: | Convertible unsecured unsubordinated notes
|
| Lead managers: | | UBS Investment Bank and Citigroup
|
| Amount | $225 million
|
| Greenshoe: | $20 million
|
| Maturity: | July 2, 2005
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | 100.43
|
| Yield: | 0.25%
|
| Conversion premium: | 24.5%
|
| Conversion price: | NT$42.33
|
| Conversion ratio: | 797.61
|
| Fixed FX rate: | NT$33.763 = US$1
|
| Call: | Non-callable for 1.5 years, then at accreted value with 130% hurdle
|
| Ratings: | Moody's: Baa2
|
| S&P: BBB
|
| Price talk: | 100-100.88 to yield 0-0.5%, up 22-27%
|
| Pricing date: | Sept. 25
|
| Settlement: | Oct. 2
|
| Distribution: | Regulation S
|
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