By Wendy Van Sickle
Columbus, Ohio, Jan. 15 – Lenovo Group Ltd. priced $675 million of five-year convertible bonds after the market close on Tuesday at par with a coupon of 3.375% and an initial conversion premium of 40%, according to a company news release.
Citigroup Global Markets Ltd., Morgan Stanley & Co. International plc, BNP Paribas Securities (Asia) Ltd., DBS Bank Ltd. and CLSA Ltd. are the joint lead managers for the Regulation S offering.
The bonds are freely callable. They are putable at par on Jan. 24, 2021.
Proceeds will be used to repay the company’s 4.7% notes due 2019 and for general corporate purposes.
Lenovo is a Beijing-based technology company.
| Issuer: | Lenovo Group Ltd.
|
| Securities: | Convertible bonds
|
| Amount: | $675 million
|
| Maturity: | Jan. 24, 2024
|
| Joint lead managers: | Citigroup Global Markets Ltd., Morgan Stanley & Co. International plc, BNP Paribas Securities (Asia) Ltd., DBS Bank Ltd. and CLSA Ltd.
|
| Co-manager: | Credit Suisse (Hong Kong) Ltd.
|
| Coupon: | 3.375%
|
| Price: | Par
|
| Yield: | 3.375%
|
| Conversion premium: | 40%
|
| Conversion price: | HK$7.99
|
| Call options: | Freely callable
|
| Put options: | At par on Jan. 24, 2021
|
| Pricing date: | Jan. 15
|
| Settlement date: | Jan. 24
|
| Distribution: | Regulation S
|
| Stock symbol: | HK: 0992
|
| Stock price: | HK$5.71, closing price on Jan. 15
|
| Market capitalization: | HK$68.6 billion
|
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