Convertibles Calendar: China Lodging to price $425 million of notes

Oct. 26

CHINA LODGING GROUP LTD.:

• Offering of $425 million of five-year convertible senior notes

• $50 million greenshoe

• Rule 144A and Regulation S

• Concurrent offering of American Depositary Shares

• Bookrunner Deutsche Bank

• Non-callable

• Put at year three

• Takeover protection via make-whole table

• Dividend protection via conversion ratio adjustment

• Capped call transaction

• Proceeds to pay for capped call, to repay revolving credit facility, for investment and for general corporate purposes

• Shanghai-based multi-brand hotel group in China

• Nasdaq: ADR: HTHT

International convertible calendar

Oct. 27

BASF SE:

• $250 million tap of 0.925% bonds with warrants due 2023

• Pricing at 103.075% of par

• Original $600 million issue priced March 9, 2017

• Issue price to be adjusted after three-day reference period ending Oct. 27

• Concurrent call spread

• Ludwigshafen, Germany-based chemical company

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