By Angela McDaniels
Tacoma, Wash., May 17 - Wharf (Holdings) Ltd. subsidiary Wharf Finance (2014) Ltd. priced HK$6.22 billion of 2.3% guaranteed convertible bonds due 2014, according to a company news release.
Goldman Sachs (Asia) LLC is the bookrunner and lead manager.
The initial conversion price will be HK$90.00 per share, which is a 65% premium over the closing share price on Tuesday. The notes will be convertible beginning July 17.
The convertibles become callable once more than 90% of them have been converted.
The proceeds will be used to finance or refinance the company's property investment and development and for general corporate purposes.
Wharf is a Hong Kong-based property and infrastructure developer.
| Issuer: | Wharf Finance (2014) Ltd.
|
| Guarantor: | Wharf (Holdings) Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | HK$6.22 billion
|
| Maturity: | June 7, 2014
|
| Bookrunner: | Goldman Sachs (Asia) LLC
|
| Coupon: | 2.3%
|
| Price: | Par
|
| Yield: | 2.3%
|
| Conversion price: | HK$90.00
|
| Conversion premium: | 65%
|
| Pricing date: | May 17
|
| Settlement date: | June 7
|
| Stock symbol: | Hong Kong: 4
|
| Stock price: | HK$54.55 at close May 17
|
| Distribution: | Regulation S
|
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