New Issue: Wuxi Apptec prices $300 million 0% five-year convertibles, up 30%

By Wendy Van Sickle

Columbus, Ohio, Sept. 3 – Wuxi Apptec Co., Ltd. entered into a subscription agreement for $300 million issue of 0% notes due 2024 at par on Tuesday with an initial conversion premium of 30%, according to a notice.

Joint lead managers Goldman Sachs (Asia) LLC, Huatai Financial Holdings (Hong Kong) Ltd., J.P. Morgan Securities plc and Morgan Stanley & Co. International plc will place the convertibles with no fewer than six placees in the Regulation S deal, according to the notice.

Unless previously redeemed, converted or purchased and canceled, the bonds will be redeemed at maturity at 106.43.

The medical device company is based in Wuxi, China.

Issuer:	Wuxi Apptec Co., Ltd.
Securities:	Convertible senior notes
Amount:	$300 million
Maturity:	Sept. 17, 2024
Bookrunners:	Goldman Sachs (Asia) LLC, Huatai Financial Holdings (Hong Kong) Ltd., J.P. Morgan Securities plc and Morgan Stanley & Co. International plc
Coupon:	0%
Maturity redemption price:	106.43
Price:	Par
Conversion premium:	30%
Conversion price:	HK$111.80
Call option:	Beginning Sept. 17, 2022
Put option:	At 103.81 on Sept. 17, 2022
Pricing date:	Sept. 3
Settlement date:	Sept. 17
Distribution:	Regulation S
Stock price:	HK$86.00 at close on Sept. 3

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