New Hope talks up to A$200 million five-year convertibles to yield 1.25% to 2.75%, up 25% to 35%

By Abigail W. Adams

Portland, Me., June 24 – New Hope Corp. Ltd. plans to price up to A$200 million in five-year convertible notes on Thursday at par with price talk for a coupon of 1.25% to 2.75% and an initial conversion premium of 25% to 35%, according to a market source.

Jefferies (Australia) Pty Ltd. is sole bookrunner for the Regulation S offering.

The notes are non-callable except upon a tax event or if 15% or less of the principal amount of the bonds remain outstanding.

The notes are putable on July 2, 2024 or upon a change of control or delisting event.

There is full dividend protection.

Proceeds will be used for general corporate purposes which may include opportunistic merger and acquisition activity.

New Hope is a Brisbane City, Australia-based coal mining company.

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