By Wendy Van Sickle
Columbus, Ohio, June 24 – Luye Pharma Group Ltd. priced $300 million of five-year 1.5% convertible bonds at par with an initial conversion premium of 40%, according to a notice.
The company entered into a subscription agreement on Monday with managers UBS and Goldman Sachs.
Proceeds are to be used to refinance debt and for general corporate purposes.
The Yantai, China-based company focuses on the research and development, production and sales of pharmaceutical drugs for orthopedics, neurology, gastroenterology and hepatology.
| Issuer: | Luye Pharma Group Ltd.
|
| Securities: | Convertible bonds
|
| Amount: | $300 million
|
| Maturity: | July 9, 2024
|
| Bookrunners: | UBS and Goldman Sachs
|
| Coupon: | 1.5%
|
| Price: | Par
|
| Yield: | 1.5%
|
| Conversion premium: | 40%
|
| Conversion price: | HK$8.15
|
| Put option: | At 107.07 on July 9, 2022
|
| Pricing date: | June 24
|
| Settlement date: | July 9
|
| Distribution: | Regulation S
|
| Stock symbol: | HKG: 2186
|
| Stock price: | HK$5.84 at close on June 24
|
| Market capitalization: | HK$19.13 billion
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