Five-year 2.1% convertible loan secured through International Finance
By Devika Patel
Knoxville, Tenn., June 9 – Hollysys Automation Technologies Ltd. said it arranged a $20 million convertible loan agreement with International Finance Corp.
The 12% loan matures in five years and may be converted into common shares at an initial conversion price of $26.35 per share. The conversion price is a 21.54% premium to the June 6 closing share price of $21.68.
Proceeds will be used to support the company’s overseas business.
The provider of automation and control technologies is based in Beijing.
| Issuer: | Hollysys Automation Technologies Ltd.
|
| Issue: | Convertible loan
|
| Amount: | $20 million
|
| Maturity: | Five years
|
| Coupon: | 2.1%
|
| Conversion price: | $26.35
|
| Conversion premium: | 21.54%
|
| Warrants: | No
|
| Investor: | International Finance Corp.
|
| Pricing date: | June 9
|
| Stock symbol: | Nasdaq: HOLI
|
| Stock price: | $21.68 at close June 6
|
| Market capitalization: | $1.32 billion
|
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