By Marisa Wong
Madison, Wis., March 26 - Hiap Teck Venture Bhd. said it issued RM 147 million of 4.5% seven-year redeemable convertible secured bonds on Friday.
Hong Leong Investment Bank Bhd. is the lead manager and arranger.
The convertibles were issued at a discount.
Hiap Teck announced last week that it fixed the conversion price for the bonds at RM 0.70. The conversion price represents a 15.34% premium over the RM 0.6069 volume weighted average market price of Hiap Teck stock for the five trading days ended March 19.
The bonds are callable at any time and putable after five years.
The Klang, Malaysia-based steel company previously announced that it would issue up to RM 180 million of the convertible secured bonds.
| Issuer: | Hiap Teck Venture Bhd.
|
| Issue: | Redeemable convertible secured bonds
|
| Amount: | RM 147 million
|
| Maturity: | Seven years
|
| Bookrunner: | Hong Leong Investment Bank Bhd.
|
| Coupon: | 4.5%
|
| Price: | At a discount to par
|
| Conversion price: | RM 0.70
|
| Call option: | At any time
|
| Put option: | After five years
|
| Settlement date: | March 23
|
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