By Jennifer Chiou
New York, July 21 - S8 Ltd. announced it will sell up to A$58 million of three-year unsecured convertible notes to existing shareholders.
The securities will have an 8.5% coupon, which will be payable semiannually.
The Surfers Paradise, Australia-based property services management company said that proceeds from the offering will go towards acquisition financing and to increase capital.
The offer is limited to shareholders in Australia or New Zealand. Investors can buy one A$100 note for each 241 shares held and can also apply for additional notes beyond their entitlement.
ABN Amro Morgans Corporate Ltd. will be the underwriter.
| Issuer: | S8 Ltd.
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| Issue: | Unsecured convertible notes
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| Amount: | $58 million
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| Coupon: | 8.5%, payable semiannually
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| Price: | Par of $100.00
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| Conversion rate: | 21.505 shares per note
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| Underwriter: | ABN Amro Morgans Corporate Ltd.
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| Announcement date: | July 21
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