New York, Nov. 22 - Media Prima Bhd. priced RM 85 million of bonds exchangeable for New Straits Times Press (Malaysia) Bhd. shares to yield 6.35% with a 31% initial exchange premium.
Commerce International Merchant Bankers Bhd. was bookrunner for the private placement.
The proposed offering will allow the company to take advantage of current low interest rates and obtain an "attractive source of funding," Media Prima previously said in a regulatory filing.
It had said it planned to sell up to RM 100 million of exchangeables, reducing its former 43.29% stake, although the company said it would not go below 33%.
At the actual size of RM 85 million, the exchangeable will account for 22.49 million New Straits Times shares.
Media Prima is a Petaling, Selangor, Malaysia-based newspaper publisher and investment holding company.
| Issuer: | Media Prima Bhd.
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| Issue: | Exchangeable bonds
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| Underlying stock: | New Straits Times Press (Malaysia) Bhd.
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| Amount: | RM 85 million
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| Maturity: | 5 years
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| Coupon: | 6.35%
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| Price: | Par
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| Yield: | 6.35%
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| Exchange premium: | 31% (over five-day volume-weighted average)
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| Exchange price: | RM 3.78
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| Call: | After 3 years at 101, in full only
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| Pricing date: | Nov. 21, after close
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| Bookrunner: | Commerce International Merchant Bankers Bhd.
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