New York, May 10 – LVGEM (China) Real Estate Investment Co. Ltd. priced $100 million of 4% guaranteed convertible bonds due 2023, according to an announcement.
The bonds will be redeemed at a premium of 124.012214 at maturity to give a yield of 8%.
The conversion price of HK$3.76 is a premium of 18.61% to the HK$3.17 closing stock price on Thursday.
The bonds will be sold to Global Affluence Holding V Ltd., a fund managed by PAG Asset Ltd.
Settlement is planned for May 17 but may be delayed until May 31 if the conditions to closing are not met.
Proceeds will be used for project development, debt refinancing and general corporate purposes.
LVGEM is a real estate developer based in Hong Kong.
| Issuer: | Gemstones International Ltd.
|
| Guarantor: | LVGEM (China) Real Estate Investment Co. Ltd.
|
| Issue: | Guaranteed convertible bonds
|
| Amount: | $100 million
|
| Maturity: | May 17, 2023
|
| Coupon: | 4%
|
| Price: | Par
|
| Redemption price: | 124.012214
|
| Conversion premium: | 18.61%
|
| Conversion price: | HK$3.76
|
| Call: | Non-callable
|
| Put option: | Starting May 17, 2020 at a price to give a yield of 8%
|
| Investor: | Global Affluence Holding V Ltd.
|
| Pricing date: | May 10
|
| Settlement: | May 17
|
| Stock price: | HK$3.17 at close on May 10
|
| Stock symbol: | Hong Kong Stock Exchange: 95
|
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