iDreamSky trims conversion price of 3.125% convertibles due 2025

By Mary-Katherine Stinson

Lexington, Ky., July 14 – iDreamSky Technology Holdings Ltd. adjusted the conversion price of HK$775 million of its 3.125% guaranteed convertible bonds due 2025 (ISIN: XS2241386874), according to a notice.

The conversion price will be adjusted to HK$4.93 from HK$4.99 per share effective July 17.

The bond’s terms mandate a price adjustment whenever the company issues shares at less than 95% of the current market price.

In a July 11 announcement, the company stated it intended to place up to 164,177,200 new company shares on a best-efforts basis at HK$3.10 per each placing share.

Based on the adjusted conversion price, the maximum number of shares to be issued upon full conversion of the outstanding bonds will increase to 157,200,811 shares from 155,310,621 shares. The additional 1,890,190 shares will be allotted and issued pursuant to the general mandate granted to the directors by the shareholders on June 24 to allot and issue up to 253,943,798 shares.

As of July 14, the company has not allotted and issued any shares under the general mandate.

Except for the adjustment, there is no change to the conditions.

The convertibles were issued by Dreambeyond Holdings Ltd., a subsidiary of the company, on Oct. 16, 2020 and listed three days later on the Singapore Exchange.

The parent company is the guarantor for the convertibles.

Based in Shenzhen, China, the guarantor publishes and operates third-party licensed games and self-developed games.

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