By Angela McDaniels
Tacoma, Wash., May 21 – Shui On Land Ltd. priced $225 million of senior convertible perpetual capital securities with a 20% conversion premium, according to an announcement with the Stock Exchange of Hong Kong.
The convertibles will be issued by Shui On Development (Holding) Ltd. and guaranteed by Shui On Land.
J.P. Morgan Securities plc is the global coordinator. Standard Charter Bank is joint bookrunner.
The distribution rate will be 7.5% until June 4, 2020. After that, the distribution rate will reset periodically.
The convertibles will be redeemable at par on June 4, 2020 and semiannually thereafter. There is a clean-up call if less than 10% of the convertibles remain outstanding.
Proceeds will be used to repay existing debt and to fund capital expenditures related to the group’s real estate or equipment.
Shui On Land is a Hong Kong-based property development company.
| Issuer: | Shui On Development (Holding) Ltd.
|
| Guarantor: | Shui On Land Ltd.
|
| Issue: | Senior convertible perpetual capital securities
|
| Amount: | $225 million
|
| Maturity: | Perpetual
|
| Bookrunners: | J.P. Morgan Securities plc (global coordinator) and Standard Charter Bank (joint bookrunner)
|
| Coupon: | 7.5% until June 4, 2020, then rate will reset periodically; payable semiannually
|
| Price: | Par
|
| Conversion premium: | 20%
|
| Conversion price: | HK$3.228
|
| Call option: | Semiannually beginning June 4, 2020; clean-up call if less than 10% remain outstanding
|
| Pricing date: | May 21
|
| Settlement date: | June 4
|
| Distribution: | Regulation S
|
| Stock listing: | Hong Kong: 272
|
| Stock price: | HK$2.69 at close on May 21
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
