Louis XIII Holdings mulling up to HK$1.56 billion convertibles

By Toni Weeks

San Luis Obispo, Calif., Dec. 3 – Louis XIII Holdings Ltd. said it is considering offering up to HK$1.56 billion of convertible bonds on a best-efforts basis via agent CLSA Ltd. The deal would have a HK$780 million greenshoe.

If the company goes forward with the deal, the convertibles will be sold at par of HK$100,000 each and will be convertible at any time. They will mature Feb. 5, 2025 and are redeemable at any time after Feb. 5, 2018.

According to a company notice, the company may instead offer up to 520 million common shares or a combination of shares and convertibles. The securities will be offered to at least six individual, institutional and/or other professional investors.

The deal is subject to shareholder approval.

The Hamilton, Bermuda-registered property development and engineering firm has its principal place of business in Hong Kong. It is building a luxury hotel and entertainment destination on a parcel on land located on the Cotai Strip, Macau. Proceeds would be used to fund the development of the project.

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