By Toni Weeks
San Luis Obispo, Calif., March 10 – WE Holdings Ltd. announced a non-brokered offering of S$25 million of new 8% convertible non-redeemable bonds. The three-year notes will be issued at par.
NRA Capital Pte. Ltd. is the arranger.
The notes will be convertible at maturity at a conversion rate equal to a 5% discount to the volume-weighted average price of the company’s shares during the last five trading days prior to the conversion notice.
Subscribers will be determined through a bookbuilding process.
Proceeds will be used to finance WE Holdings’ commodity business and investments in Myanmar and for working capital.
Singapore-based WE Holdings is a distributor and manufacturers’ representative of electronics components and systems. It is also engaged in system integration and business consultancy for turnkey electronics solutions for the Asia Pacific Rim and has diversified into commodities businesses in the region.
| Issuer: | WE Holdings Ltd.
|
| Issue: | Convertible non-redeemable bonds
|
| Amount: | S$25 million
|
| Maturity: | Three years
|
| Arranger: | NRA Capital Ptd. Ltd.
|
| Underwriter: | Non-brokered
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | 5% discount to volume-weighted average price of company’s shares during last five trading days prior to conversion notice
|
| Call: | Non-callable
|
| Pricing date: | March 9
|
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