By Marisa Wong
Madison, Wis., Nov. 4 – Haitong International Securities Group Ltd. completed its issue of HK$1.16 billion of 1.25% convertible bonds due 2019 on Tuesday, according to a company announcement.
The company priced an initial HK$776 million of the 1.25% convertible bonds and an additional HK$388 million of the bonds under an over-allotment option.
The initial conversion price is HK$6.00 per share, which is a 30.15% premium over the Oct. 23 closing share price of HK$4.61 and a 33.63% premium over HK$4.49, the average closing share price for the five consecutive trading days ended Oct. 23.
The bonds will be redeemed at maturity at 105.11.
The bonds are non-callable for three years and then are provisionally callable if the company’s shares are at least 130% of the conversion price. The bonds also have a clean-up call provision. In addition, the bonds are putable three years after the issue date at 103.04.
Proceeds from the Regulation S deal will be used to fund the expansion of business operations and for general corporate purposes.
The financial services company is based in Hong Kong.
| Issuer: | Haitong International Securities Group Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | HK$1,164,000,000
|
| Maturity: | Nov. 4, 2019
|
| Coupon: | 1.25%
|
| Redemption price: | 105.11
|
| Conversion premium: | 30.15%
|
| Conversion price: | HK$6.00
|
| Call: | Non-callable until Nov. 4, 2017, then provisionally callable at 130% hurdle; clean-up call
|
| Put: | At 103.04 on Nov. 4, 2017
|
| Takeover protection: | Yes
|
| Pricing date: | Oct. 24
|
| Settlement date: | Nov. 4
|
| Distribution: | Regulation S
|
| Stock symbol: | HK: 665
|
| Stock price: | HK$4.61, as of close Oct. 23
|
| Market capitalization: | HK$9.91 billion
|
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