By Abigail W. Adams
Portland, Me., July 31 – LG Display Co. Ltd. priced $700 million of five-year convertible bonds at par on Tuesday with a coupon of 1.5% and an initial conversion premium of 26%, according to a 6-K filing with the Securities and Exchange Commission.
Price talk was for a coupon of 1% to 1.5% and an initial conversion premium of 25% to 30%, according to a market source.
Merrill Lynch International and Morgan Stanley & Co. International plc were the joint bookrunners for the Regulation S offering.
The notes are non-callable for three years and then subject to a 130% hurdle. They are putable on Aug. 22, 2022 or upon a change of control.
The exchange rate for the South Korean won is 1,182.65 won per U.S. dollar, according to the filing.
The bonds were marketed with assumptions of a credit spread of 200 basis points over Libor and a 35% vol., according to a market source.
Proceeds will be used for general corporate purposes.
LG Display is a Seoul, South Korea-based LCD panel maker.
| Issuer: | LG Display Co. Ltd.
|
| Securities: | Convertible bonds
|
| Amount: | $700 million
|
| Maturity: | Aug. 22, 2024
|
| Bookrunners: | Merrill Lynch International and Morgan Stanley & Co. International plc
|
| Coupon: | 1.5%
|
| Price: | Par
|
| Yield: | 1.5%
|
| Conversion premium: | 26%
|
| Conversion price: | 19,845 won
|
| Call options: | Non-callable for three years and then subject to a 130% hurdle
|
| Put options: | On Aug. 22, 2022 or upon a change of control
|
| Pricing date: | July 30
|
| Settlement date: | Aug. 22
|
| Distribution: | Regulation S
|
| Talk: | Coupon of 1% to 1.5% and an initial conversion premium of 25% to 30%
|
| Stock symbol: | KRX: 034220
|
| Stock price: | 15,750 won
|
| Market capitalization: | 5.19 trillion won
|
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