New York, Jan. 12 - Hidili Industry International Development Ltd. priced RMB 1.707 billion of 1.5% renminbi-denominated, dollar-settled convertible bonds due 2015 to yield 3.5% with a 30% initial conversion premium.
The principal amount and all interest payments will be settled in dollars at an exchange rate of RMB 6.8265 per $1.
At maturity, the convertibles will be redeemed at 110.8254% of par.
Merrill Lynch Far East Ltd. and Citigroup Global Markets Ltd. are joint lead managers for the Regulation S offering.
Of the proceeds, $130 million will be used to repay the company's existing short-term debt, with the remainder going to expand its network of mines, production plants and facilities in South West China through general acquisitions, and to fund capital expenditure and general working capital.
Hidili Industry is a Panzhizhua City, China-based coal miner.
| Issuer: | Hidili Industry International Development Ltd.
|
| Issue: | Renminbi-denominated, dollar-settled convertible bonds
|
| Amount: | RMB 1.707 billion
|
| Maturity: | Jan. 19, 2015
|
| Coupon: | 1.5%
|
| Price: | Par
|
| Redemption price at maturity: | 110.8254
|
| Yield: | 3.5%
|
| Initial conversion premium: | 30%
|
| Conversion price: | HK$12.58
|
| Call: | After three years, subject to 130% hurdle, at price to give yield to call of 3.5%
|
| Put: | In year three at 106.2687
|
| Pricing date: | Jan. 12
|
| Settlement date: | Jan. 19
|
| Lead managers: | Merrill Lynch Far East Ltd., Citigroup Global Markets Ltd.
|
| Distribution: | Regulation S
|
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