By Evan Weinberger
New York, July 10 - Soilbuild Group Holdings Ltd. priced S$50 million in convertible bonds due July 27, 2011 to yield 4.25% with an initial conversion premium of 28%. The bonds have a 1% coupon and priced Tuesday.
Standard Chartered Bank is the bookrunner. The convertibles were offered at par.
There is a S$10 million over-allotment option.
The bonds have a conversion price of S$2.0182 per share. The conversion price can be revised downwards on July 27, 2008, subject to a 90% floor. The bonds will be redeemed at 116.31% of par.
The bonds are callable beginning July 27, 2009 subject to a 130% hurdle. The bonds are putable beginning July 27, 2009 or upon change of control of the company or the delisting of the shares.
Soilbuild is a Singapore-based property developer. The company plans to use the proceeds to finance new investments, acquisitions and development of new land sites for residential and business space properties.
Issuer: Soilbuild Group Holdings Ltd.
Issue: Convertible bonds
Amount: S$50 million
Greenshoe: S$10 million
Maturity: July 27, 2011
Coupon: 1%
Price: Par
| Redemption price: | 116.31% of par
|
| Yield: | 4.25%
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| Conversion price: | S$2.0182
|
| Conversion premium: | 28%
|
| Call: | Starting July 27, 2009 subject to 130% hurdle
|
| Put: | Starting July 27, 2009
|
| Pricing date: | July 10
|
| Settlement date: | July 27
|
| Bookrunner: | Standard Chartered Bank
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