By Marisa Wong
Morgantown, W.Va., May 10 – Angang Steel Co. Ltd. priced HK$1.85 billion of five-year zero-coupon bonds convertible into ordinary H shares after the market close on Thursday, according to a notice. The bonds priced at par.
Citigroup Global Markets Ltd. is the bookrunner, lead manager and global coordinator for the Regulation S offering.
The initial conversion price will be HK$9.54 per H share, reflecting a 15.1% premium over the May 10 closing share price of HK$8.29.
At maturity, the bonds will be redeemed at 103.81.
The bonds are callable and putable at a price that gives a 0.75% yield.
Proceeds will be used for general corporate purposes.
The bonds will be issued on May 25.
Angang is a steel maker based in Anshan, China. Its parent company is Anshan Iron and Steel Group.
| Issuer: | Angang Steel Co. Ltd.
|
| Issue: | Bonds convertible into ordinary H shares
|
| Amount: | HK$1.85 billion
|
| Maturity: | May 25, 2023
|
| Bookrunner: | Citigroup Global Markets Ltd.
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | 103.81
|
| Conversion premium: | 15.1%
|
| Conversion price: | HK$9.54
|
| Call option: | In whole at any time after May 25, 2021, subject to 130% hurdle; clean-up call if less than 10% is outstanding; in each case at price that gives a 0.75% yield
|
| Put option: | In whole or in part on May 25, 2021; upon change of control, delisting or H share suspension in trading; in each case at price that gives a 0.75% yield
|
| Pricing date: | May 10, after trading hours
|
| Settlement date: | May 25
|
| Distribution: | Regulation S
|
| Stock price: | HK$8.29 at close May 10
|
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