New York, Oct. 29 – Longitech Smart Energy Holding Ltd. placed HK$339 million of three-year convertible notes with a 7% coupon at par, according to a company announcement.
Golden Rich Securities Ltd. is the placing agent for the best efforts deal.
Placement started on Oct. 29 and will continue until seven business days after all the conditions to the offering have been met. The conditions include various approvals, consents and waivers.
If the conditions are not met by Nov. 19 then the offering will lapse.
Holders may convert the notes at a price of HK$2.00 per share after one year from the issue date.
Proceeds will be used by the company to further develop is smart energy business.
Hong Kong-based Longitech provides energy services via a cloud platform to provide cooling, heating, electricity and gas.
| Issuer: | Longitech Smart Energy Holding Ltd.
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| Issue: | Convertible notes
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| Amount: | HK$339 million
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| Maturity: | Three years
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| Coupon: | 7%
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| Price: | Par
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| Conversion price: | HK$2.00
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| Call: | After one year at par
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| Placing agent: | Golden Rich Securities Ltd.
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| Pricing date: | Oct. 29
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| Stock symbol: | Hong Kong: 1281
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| Stock price: | HK$1.84 at close on Oct. 29
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| Market capitalization: | HK$2.73 billion
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