By Abigail W. Adams
Portland, Me., April 20 – Fine Perfection Investment Ltd. priced $230 million 0% guaranteed exchangeable bonds due 2022 at par on Monday, according to a company announcement.
The bonds are exchangeable into China International Marine Containers (Group) Co. Ltd. at a rate of 89,989,5954 shares per $200,000 principal amount.
The bonds are guaranteed by China Merchants Holdings (Hong Kong) Co. Ltd.
UBS and Huatai International are joint global coordinators and bookrunners for the Regulation S offering. China Merchants Securities is also a joint bookrunner.
The bonds are non-callable until June 18, 2021 and then subject to a 130% hurdle. They are also subject to a clean-up call or a call due to a tax event.
They are putable at 101 upon a redemption event.
Net proceeds are expected to be $228.4 million.
Proceeds will be used for capital expenditures, to refinance debt and for general corporate purposes.
China International Marine Containers is a Shenzhen, China-based manufacturer of transportation equipment.
| Issuer: | Fine Perfection Investment Ltd.
|
| Guarantor: | China Merchants Holdings (Hong Kong) Co. Ltd.
|
| Securities: | Guaranteed exchangeable bonds for China International Marine Containers (Group) Co. Ltd.
|
| Amount: | $230 million
|
| Maturity: | April 17, 2022
|
| Bookrunners: | UBS, Huatai International and China Merchants Securities
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion rate: | 89,989,5954 per $200,000 in principal
|
| Call options: | Non-callable until June 18, 2021 and then subject to a 130% hurdle
|
| Put options: | At 101 upon a redemption event
|
| Pricing date: | April 19
|
| Distribution: | Regulation S
|
| Stock symbol: | HKG: 2039
|
| Market capitalization: | HK$57.24 billion
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
