Anta Sports Products talks €1 billion 0% convertible bonds due 2025 at par to 102, up 40%

By Abigail W. Adams

Portland, Me., Jan. 13 – Anllian Capital Ltd., a wholly owned subsidiary of Anta Sports Products Ltd., plans to price €1 billion in 0% convertible bonds due 2025 on Monday with price talk for a reoffer price of par to 102 for a yield to maturity of negative 0.4% to 0% and a yield to put of negative 0.66% to 0%, according to a market source.

The bonds will be converted into Anta Sports shares with the conversion premium 40% over the reference share price of HK$75.20.

BofA Securities, Citigroup, and Morgan Stanley are bookrunners for the Regulation S offering.

The initial conversion price will be HK$105.28, which is equivalent to a conversion price of €12.18 based on the fixed exchange rate of €1 to HK$8.6466.

The bonds are putable on Feb. 5, 2023 or upon a change of control. They are non-callable except in the case of a tax event or if 90% of the principal amount has been converted or redeemed.

There is dividend protection.

The bonds will be listed for trade on the Singapore Exchange.

Proceeds will be used to refinance existing debt, for working capital and for other general corporate purposes.

Anta Sports is a Xiamen, China-based manufacturing company.

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