By Wendy Van Sickle
Columbus, Ohio, Jan. 13 – Anllian Capital Ltd., a wholly owned subsidiary of Anta Sports Products Ltd., priced €1 billion in 0% convertible bonds due 2025 at 100.25 on Monday with an initial conversion premium of 40%, according to an announcement.
Price talk had been 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%.
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.
| Issuer: | Anllian Capital Ltd.
|
| Securities: | Convertible bonds
|
| Amount: | €1 billion
|
| Maturity: | Feb. 5, 2025
|
| Bookrunner: | BofA Securities, Citigroup, and Morgan Stanley
|
| Coupon: | 0%
|
| Price: | 100.25
|
| Conversion premium: | 40%
|
| Conversion price: | HK$105.28
|
| Call options: | In case of tax event or if 90% of principal amount has been converted or redeemed
|
| Put options: | On Feb. 5, 2023 or upon a change of control
|
| Pricing date: | Jan. 13
|
| Settlement date: | Feb. 5
|
| Distribution: | Regulation S
|
| Stock symbol: | HKG: 2020
|
| Stock price: | HK$75.20
|
| Market capitalization: | HK$198.58 billion
|
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