New York, Nov. 7 - Tom.com Ltd. priced $150 million of 0.5% convertibles at par with a 30% initial conversion premium. The five-year securities will be redeemed at a premium price of 103.86% of par.
The Hong Kong company issued the securities through its Tom.com Holdings Ltd. subsidiary.
Citigroup and Deutsche Bank were bookrunners for the Regulation S deal with Cazenove as co-manager.
Tom.com will use proceeds for working capital and general corporate purposes. The company added that it is taking advantage of current low interest rates.
Terms of the new deal are:
| Issuer: | Tom.com Holdings Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | $150 million
|
| Greenshoe: | $35 million
|
| Bookrunners: | Citigroup, Deutsche Bank
|
| Maturity: | Five years
|
| Coupon: | 0.5%
|
| Price: | Par
|
| Redemption price: | 103.86
|
| Initial conversion premium: | 30% (with fixed FX rate of $1 = HK$7.80)
|
| Conversion price: | HK$3.315
|
| Call: | Dec. 13, 2006 subject to 125% hurdle
|
| Put: | In year 3
|
| Ratings: | S&P: BB+
|
| Pricing date: | Nov. 5, 2003, after close
|
| Settlement: | Nov. 28, 2003
|
| Distribution: | Regulation S
|
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