By Rebecca Melvin
Concord, N.H., Nov. 24 – Farsail Goldman International Ltd., a subsidiary of Agile Group Holdings Ltd., issued bonds on Wednesday, exchangeable into shares of A-Living Smart City Services Co. Ltd., according to a disclosure published by the Stock Exchange of Hong Kong.
The initial exchange price of the 7% five-year secured bonds is HK$27.48 per A-Living share, representing a 20% premium over the HK$22.90 closing price of A-Living shares on Nov. 17, when the subscription agreement among Farsail, Agile Group and bookrunner Goldman Sachs (Asia) LLC was signed.
The notes were issued under Regulation S. They are putable on Nov. 24, 2024.
The proceeds are earmarked for refinancing medium to long term offshore debt that becomes due within one year, and they are expected to be listed and quoted on the Singapore Exchange Securities Trading Ltd., with no listing sought on the Hong Kong exchange.
Agile Group and Farsail are investment holding companies under parent Agile Property, which is a Hong Kong-based land development company.
A-Living is a property management services provider focused on mid- to high-end properties
| Issuer: | Farsail Goldman International Ltd.
|
| Guarantor | Agile Group Holdings Ltd.
|
| Issue: | Secured exchangeable bonds
|
| Amount: | HK$2,418,000,000
|
| Maturity: | Nov. 24, 2026
|
| Bookrunner: | Goldman Sachs (Asia) LLC
|
| Coupon: | 7%
|
| Initial exchange price: | HK$27.48
|
| Initial exchange premium: | 20%
|
| Put: | Yes, on Nov. 24, 2024
|
| Offering date: | Nov. 17
|
| Issue date: | Nov. 24
|
| Distribution: | Regulation S
|
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