By Abigail W. Adams
Portland, Me., March 14 – OUE Ltd. priced a concurrent offering on Wednesday of S$154.75 million in 1.5% convertible bonds due 2023 and S$150 million in 3% exchangeable bonds due 2023, both of which carry an initial conversion premium of 10%.
Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch is the sole bookrunner for the offering.
The 1.5% convertible notes will be issued in denominations of S$250,000 and will have a yield to maturity of 2.5%.
The notes are non-callable until April 13, 2021 and then may be redeemed in whole but not in part subject to a 130% hurdle.
They may also be redeemed prior to April 13, 2021 for taxation reasons.
The notes are puttable on April 13, 2021 at a 3.10% premium to the principal amount. The notes are also puttable upon a change of control or a delisting event.
The notes carry an initial conversion price of S$2.112, which is subject to adjustment in certain circumstances. There are 73,271,780 conversion shares underlying the convertible notes.
Concurrently with the pricing of the convertible bonds, OUE priced S$150 million in 3% exchangeable bonds due 2023, which are exchangeable into the stapled securities of OUE Hospitality Trust.
Each stapled security is comprised of one unit of OUE Hospitality Real Estate Investment Trust and one unit of OUE Hospitality Business Trust.
The 3% exchangeable bonds will be issued in denominations of S$250,000. The initial exchange price for the stapled securities is S$0.957, which is subject to adjustment.
The exchangeable bonds are puttable at par on April 13, 2021 or upon a change of control or delisting event.
The exchangeable bonds are non-callable until April 13,2021 and then at a 130% hurdle.
OUE Ltd. is a Singapore-based real estate developer.
| Issuer: | OUE Ltd.
|
| Securities: | Convertible bonds
|
| Amount: | S$154.75 million
|
| Maturity: | April 13, 2023
|
| Bookrunner: | Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch
|
| Coupon: | 1.5%
|
| Price: | Par
|
| Redemption price: | 105.29
|
| Yield: | 2.5%
|
| Conversion premium: | 10%
|
| Conversion price: | S$2.112
|
| Call options: | Non-callable until April 13, 2021 then subject to a 130% hurdle
|
| Put options: | Puttable on April 13, 2021 or upon a fundamental change
|
| Pricing date: | March 14
|
| Settlement date: | April 13
|
| Distribution | Regulation S
|
| Stock symbol: | SGX: LJ3
|
| Stock price: | S$1.92 at market close March 13
|
| Market capitalization: | S$1.83 billion
|
|
|
| Issuer: | OUE Ltd.
|
| Securities: | Exchangeable bonds
|
| Underlying stock: | OUE Hospitality Trust
|
| Amount: | S$150 million
|
| Maturity: | April 13, 2023
|
| Bookrunners: | Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Conversion premium | 10%
|
| Conversion price: | S$0.957
|
| Call options: | Non-callable until April 13, 2021 then subject to a 130% hurdle
|
| Put options: | Puttable on April 13, 2021 or upon a fundamental change
|
| Pricing date: | March 14
|
| Settlement date: | April 13
|
| Distribution | Regulation S
|
| Stock symbol: | SGX: SK7
|
| Stock price: | S$0.87 at market close March 13
|
| Market capitalization: | S$1.55 billion
|
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