By Jennifer Chiou
New York, June 11 - WBL Corp. Ltd. announced that it received applications for S$187,482,659 of bonds in its in-demand rights offering for up to S$158,472,479 of the 2.5% five-year convertible bonds.
The company said that the figure represents 118.34% of the available bonds, including S$53,631,285 of bonds allotted for standby purchasers.
WBL said that valid acceptances were received for S$154,432,319 of convertibles, making up 97.48% of the available bonds under the rights issue, as well as excess applications for S$33,050,340 of securities, making up 20.86% of available convertibles.
The company noted that the S$3,995,160 balance of bonds that was not validly accepted will be allotted to satisfy the excess applications.
As already reported, stockholders were offered three convertible bonds with a denomination of S$1.00 each for every four stock units. Stockholders could apply for additional convertibles.
Fractional entitlements will be disregarded and these, along with any allotments that are not taken up, will be allocated to investors who apply for more convertibles or otherwise sold.
The rights could be traded through May 27, and the rights offering ended at 5 a.m. ET on June 2.
The convertibles were set to be issued Wednesday and to begin trading Friday.
Foreign shareholders could only participate if they provided an address in Singapore with the exception of qualified institutional buyers in the United States, who were able to participate under Rule 144A.
Oversea-Chinese Banking Corp. Ltd. was the underwriter.
The conversion price is S$2.29. It was set at a discount of 35% to the market price on May 6, which was four business days before ex-rights trading of the common stock began.
The convertibles will be callable if less than 10% of the original principal amount remains outstanding.
The company first announced plans to issue up to S$159.68 million of the convertibles on March 31. Stockholders approved the rights offering at an extraordinary general meeting on April 28.
Proceeds from the rights issue will be used to partially refinance a S$180 million term loan maturing in June.
WBL is a Singapore-based investment holding company.
| Issuer: | WBL Corp. Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | S$158,472,479
|
| Maturity: | June 2014
|
| Coupon: | 2.5%
|
| Price: | Par of S$1.00
|
| Yield: | 2.5%
|
| Conversion price: | S$2.29
|
| Call option: | If less than 10% remain outstanding
|
| Underwriter: | Oversea-Chinese Banking Corp. Ltd.
|
| Pricing date: | May 6
|
| Settlement date: | June 10
|
| Stock symbol: | Singapore: W01
|
| Stock price: | S$3.11 on May 18
|
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