By Angela McDaniels
Tacoma, Wash., June 7 - OSIM International Ltd. priced S$120 million of 2.75% five-year convertible bonds, according to a company news release.
Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch, Credit Suisse (Singapore) Ltd. and Royal Bank of Scotland NV, Singapore Branch, are the bookrunners and joint lead managers for the offering.
The initial conversion price is S$2.025, which is a 25% premium over the company's closing share price on June 7.
The convertibles are putable at par on July 5, 2014. They are callable at par after July 5, 2014 if the company's volume-weighted average share price is at least 125% of the conversion price for at least 20 out of 30 consecutive trading days. In addition, they become callable at any time if 10% or less of the convertibles remain outstanding.
Proceeds will be used to enhance general corporate and working capital resources, to finance potential acquisitions and/or to reduce existing debt.
Based in Singapore, OSIM makes lifestyle products, such as massage chairs, that promote health.
| Issuer: | OSIM International Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | S$120 million
|
| Maturity: | July 5, 2016
|
| Coupon: | 2.75%
|
| Price: | Par
|
| Yield: | 2.75%
|
| Conversion premium: | 25%
|
| Conversion price: | S$2.025
|
| Put option: | At par on July 5, 2014
|
| Call option: | At par after July 5, 2014 if VWAP is at least 125% of conversion price for at least 20 out of 30 consecutive trading days; at any time if 10% or less of convertibles remain outstanding.
|
| Bookrunners: | Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch, Credit Suisse (Singapore) Ltd. and Royal Bank of Scotland NV, Singapore Branch
|
| Pricing date: | June 7
|
| Settlement date: | June 8
|
| Stock symbol: | Singapore: O23
|
| Stock price: | S$1.62 at close June 7
|
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