Published on 3/15/2004 in the Prospect News Convertibles Daily.
New Issue: Noble Group $200 million convertibles yield 0.90%, up 34.5%
New York, March 15 - Noble Group Ltd. priced $200 million five-year convertible bonds to yield 0.90% with a 34.5% initial conversion premium.
The Hong Kong-based commodities trading company will use proceeds for general corporate purposes, for potential strategic acquisitions and to refinance outstanding debt.
J.P. Morgan Securities Ltd. was bookrunner for the offering, which was placed with institutional and sophisticated investors.
| Issuer: | Noble Group Ltd.
|
| Issue: | Convertible bonds
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| Amount: | $200 million
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| Maturity: | April 20, 2009
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| Coupon: | 0.90%
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| Price: | Par
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| Yield: | 0.90%
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| Conversion premium: | 34.5%
|
| Conversion price: | S$5.864 (using fixed exchange rate of Singapore $1.7118 = $1.00)
|
| Put: | April 20, 2006 at par
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| Call: | July 20, 2004 onwards at par subject to 117.5% hurdle
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| Pricing date: | March 15
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| Settlement date: | April 20
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| Bookrunner: | J.P. Morgan Securities Ltd.
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