By Rebecca Melvin
New York, Dec. 10 – Freeman Financial Corp. Ltd. has priced HK$1.05 billion of three-year convertible notes with a 6.75% coupon, according to a company news release.
The new notes will be issued at 100% of their HK$5 million par denomination.
The securities will be convertible into shares at the initial conversion price of HK$0.35 per conversion share, which represents a discount to the HK$0.47 closing price of shares on the Hong Kong exchange on Wednesday.
Freeman Securities Ltd. is the placing agent and has agreed to place the issue on a best-efforts basis with not less than six independent subscribers.
Proceeds will be used to finance the company’s proposed investment in the JV Securities Co. and the group’s general working capital requirements.
Freeman Financial is a Cayman Islands incorporated financial services company.
| Issuer: | Freeman Financial Corp.
|
| Issue: | Convertible notes
|
| Amount: | HK$1.05 billion
|
| Maturity: | Dec. 15, 2018
|
| Coupon: | 6.75%
|
| Price: | Par, HK$5 million
|
| Initial conversion price: | HK$0.35
|
| Placing agent: | Freeman Securities Ltd.
|
| Pricing date: | Dec. 9
|
| Stock code: | Hong Kong: 279
|
| Stock reference price: | HK$0.47, as of close Dec. 9
|
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