By Abigail W. Adams
Portland, Me., July 2 – New Hope Corp. Ltd. priced A$200 million of five-year convertible notes on June 24 at par with a coupon of 2.75% and an initial conversion premium of 25%, according to a company news release.
Pricing came on the cheap end of 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. was the 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.
Issuer: | New Hope Corp. Ltd.
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Securities: | Convertible notes
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Amount: | A$200 million
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Maturity: | July 2, 2026
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Bookrunner: | Jefferies (Australia) Pty Ltd.
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Coupon: | 2.75%
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Price: | Par
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Yield: | 2.75%
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Conversion premium: | 25%
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Call options: | None
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Put options: | Putable on July 2, 2024 or upon a change-of-control or delisting event
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Pricing date: | June 24
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Settlement date: | July 2
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Distribution: | Regulation S
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Talk: | Coupon of 1.25% to 2.75% and initial conversion premium of 25% to 35%
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Stock symbol: | ASX: NHC
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Market capitalization: | A$1.5 billion
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