By Rebecca Melvin
New York, March 29 - Vincom JSC priced $185 million of five-year convertible bonds on Thursday at par to yield 5% with an initial conversion premium of 10%, according to a news release.
The Regulation S offering has a $65 million greenshoe and was sold via Credit Suisse (Singapore) Ltd., as the bookrunner and lead manager for the issue.
The initial conversion price is for 112,200 dongs. Subject to certain terms and conditions of the bonds, the conversion price will be subject to an annual conversion price reset on Oct. 3 in each year until 2016. The conversion price shall not be adjusted to less than 80% of the initial conversion price.
There is an investor put in April 2014.
Proceeds will be used to finance new investment in property developments, working capital and general corporate purposes.
Vincom is listed on the Ho Chi Minh City Stock Exchange, and that is where the shares issued upon conversion will be listed.
The real estate investment company is based in Hanoi, Vietnam.
| Issuer: | Vincom JSC
|
| Issue: | Convertible bonds
|
| Amount: | $185 million
|
| Greenshoe: | $65 million
|
| Maturity: | April 3, 2017
|
| Bookrunners: | Credit Suisse (Singapore) Ltd.
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Conversion premium: | 10%
|
| Conversion price: | 112,200 dongs
|
| Puts: | April 2014
|
| Conversion reset: | Subject to certain conditions on Oct. 3 each year through 2016
|
| Pricing date: | March 29
|
| Settlement date: | April 3
|
| Distribution: | Regulation S
|
| Stock symbol: | Ho Chi Minh: VIC
|
| Market capitalization: | $2.56 billion
|
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