By Abigail W. Adams
Portland, Me., Jan. 8 – Hansoh Pharmaceutical Group Co. Ltd. priced an upsized $600 million of five-year convertible notes on Thursday at par with a coupon of 0% and an initial conversion premium of 44%, according to a company announcement.
Price talk was for a fixed coupon of 0% and an initial conversion premium of 42.5% to 52.5%, according to a market source.
Citigroup Global Markets Ltd. was the bookrunner for the Regulation S offering.
The initial size of the offering was $500 million.
The bonds are non-callable until Jan. 22, 2024 and then subject to a 125% hurdle.
They are putable on Jan. 22, 2024 or upon a change-of-control or delisting event.
The bonds are convertible into shares that trade on the Hong Kong stock exchange at a fixed exchange rate of HK$7.7529 to US$1.00.
Proceeds will be used for research and development, construction of manufacturing facilities and general corporate purposes.
Hansoh Pharmaceutical Group is a Hong Kong-based pharmaceutical company.
| Issuer: | Hansoh Pharmaceutical Group Co. Ltd.
|
| Securities: | Convertible notes
|
| Amount: | $600 million
|
| Maturity: | Jan. 22, 2026
|
| Bookrunner: | Citigroup Global Markets Ltd.
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion premium: | 44%
|
| Conversion price: | HK$60
|
| Call options: | Non-callable until Jan. 22, 2024 and then subject to a 125% hurdle
|
| Put options: | Putable on Jan. 22, 2024 or upon a fundamental change
|
| Pricing date: | Jan. 7
|
| Settlement date: | Jan. 22
|
| Distribution: | Regulation S
|
| Talk: | Fixed coupon of 0% and initial conversion premium of 42.5% to 52.5%
|
| Stock symbol: | HKG: 3692
|
| Stock price: | HK$41.65 at market close Jan. 7
|
| Market capitalization: | HK$235.28 billion
|
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