By Abigail W. Adams
Portland, Me., Jan. 22 – Viva Incubator Investment Management Ltd. priced $180 million five-year convertible bonds on Wednesday at par to yield 2.5% with an initial conversion premium of 26%, according to a company news release.
JPMorgan was global coordinator and JPMorgan, HSBC and CICC joint bookrunners for the Regulation S offering.
The bonds will be guaranteed by Viva Biotech Holdings.
The conversion price will initially be HK$5.7456 but will be subject to a reset on Feb. 11, 2021 and Feb. 11, 2022.
The bonds are callable at an early redemption amount, which will be a 4% gross yield for each $200,000 in principal. The bonds are putable on Feb. 11, 2023 at 104.73.
They will be redeemed at maturity at 108.21 plus accrued and unpaid interest.
Proceeds will be used for business development and expansion and for general corporate purposes.
Viva Biotech is a Shanghai-based drug discovery service provider.
| Issuer: | Viva Incubator Investment Management Ltd.
|
| Guarantor: | Viva Biotech Holdings
|
| Securities: | Convertible bonds
|
| Amount: | $180 million
|
| Maturity: | Feb. 11, 2025
|
| Bookrunners: | JPMorgan, HSBC and CICC
|
| Coupon: | 2.5%
|
| Price: | Par
|
| Redemption price at maturity: | 108.21
|
| Conversion premium: | 26%
|
| Conversion price: | HK$5.7456
|
| Call options: | Freely callable
|
| Put options: | On Feb. 11, 2023 at 104.73
|
| Pricing date: | Jan. 22
|
| Distribution: | Regulation S
|
| Stock symbol: | HK: 1873
|
| Stock price: | HK$4.59
|
| Market capitalization: | HK$7.12 billion
|
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