Chicago, June 2 – MicroPort Scientific Corp. sold a $700 million offering of 0% convertible bonds due June 11, 2026 on Tuesday, according to a notice.
The initial conversion premium is 32.5% over the closing price of HK$70.05 per share.
The bonds are convertible at the option of the bondholder at any time after July 22 up to the close of business on the tenth day prior to the maturity date.
The bonds will be redeemed at 105.11 of their principal amount on the maturity date.
The notes can be redeemed early at the option of the issuer at any time after June 21, 2024, subject to a 130% hurdle.
The notes are putable on June 11, 2024.
J.P. Morgan Securities plc and China International Capital Corp. were managers.
Proceeds from the bonds will be used for research and development investment, certain capital expenditure and for working capital purposes.
The bonds will be listed on the Stock Exchange of Hong Kong.
MicroPort is a global medical device developer and manufacturer with headquarters in Shanghai.
| Issuer: | MicroPort Scientific Corp.
|
| Securities: | Convertible bonds
|
| Amount: | $750 million
|
| Maturity: | June 11, 2026
|
| Bookrunners: | J.P. Morgan Securities plc and China International Capital Corp.
|
| Coupon: | 0%
|
| Price: | Par of $100,000
|
| Conversion premium: | 32.5%
|
| Conversion price: | HK$92.8163
|
| Call options: | After June 21, 2024, subject to a 130% hurdle
|
| Put options: | June 11, 2024 at the early redemption amount which is par plus 1% annual rate on the relevant determination date, calculated semiannually
|
| Pricing date: | June 1
|
| Settlement date: | June 11
|
| Distribution: | Regulation S
|
| Stock symbol: | HK: 00853
|
| Stock price: | HK$70.05 on June 1
|
| Market capitalization: | HK$116.36 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.
