New York, Jan. 16 - Henderson Land Development Co. Ltd. priced HK$5 billion of two-year convertible bonds with a yield to put of negative 7.15% and a 20% initial conversion premium. The yield to maturity is negative 8.60%.
Lead manager for the Regulation S issue is Goldman Sachs (Asia) LLC.
The notes were issued through Cayman Islands financing subsidiary Henderson International Finance Ltd.
Henderson Land, a Hong Kong holding company with subsidiaries in real estate development and leasing, finance, construction, hotels, department stores and property management, will use proceeds for working capital including acquisition and development of sites put up for auction or tender by the Hong Kong government.
If all the convertibles including the HK$750 million greenshoe are converted they will account for 6.08% of the company's stock after the conversion.
Terms of the deal are as follows:
| Issuer: | Henderson International Finance Ltd.
|
| Guarantor: | Henderson Land Development Co. Ltd.
|
| Issue: | Guaranteed convertible notes
|
| Lead manager: | Goldman Sachs (Asia) LLC
|
| Amount: | HK$5 billion
|
| Greenshoe: | HK$750 million
|
| Maturity: | Feb. 9, 2006
|
| Coupon: | 1%
|
| Redemption price: | 82
|
| Yield to put: | -7.15%
|
| Yield to maturity: | -8.60%
|
| Conversion premium: | 20%
|
| Conversion price: | HK$48.96
|
| Call: | At any time subject to 120% hurdle at price to give yield of negative 7.15% if in first year or negative 8.60% for calls after that
|
| Put: | After one year at 92
|
| Pricing date: | Jan. 15, after close
|
| Settlement date: | Feb. 9
|
| Distribution: | Regulation S
|
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