Sino Biopharmaceutical talks €600 million 0% convertibles due 2025 at par to 102

By Abigail W. Adams

Portland, Me., Jan. 22 – Sino Biopharmaceutical Ltd. plans to price €600 million 0% convertible bonds due 2025 on Wednesday with price talk for a reoffer price of par to 102 and an initial conversion premium of 57.5% to 73.3%, according to a market source.

The reference share price will be HK$12.12 with the initial conversion premium talked at HK$19.09 to HK$21.00.

The yield to maturity on the notes will be 0% to 0.4% and the yield to put 0% to 0.66%.

Citigroup Global Markets Inc., HSBC and UBS are bookrunners for the Regulation S offering.

There is an upsize option of €150 million to the base amount.

The bonds will be convertible based on a fixed exchange rate of €1 to HK$8.6129.

The bonds are callable after three years subject to a 125% hurdle. They are putable at par on Feb. 17, 2023 or if there is a change-of-control or delisting event.

Proceeds will be used for research and development, construction of manufacturing facilities, sales and marketing, and general corporate purposes.

Sino Biopharmaceutical is a Hong Kong-based medicine products business.

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