The unrated bond has a put option at a price of 102.01% in the first year and a put option at a price of 104.06% in the second year. Redemption price is 106.15% and yield-to-maturity is 2%. The security is non-callable for two years, after which the company may choose to redeem the bonds if its share price rises above 130% of the conversion price.
SG said proceeds are expected to be used to fund a new plant in China as well as for general working capital. “The success of this issue proves that Asian mid-cap companies can tap the international equity capital markets and achieve attractive terms,” Patrick Crammond, managing director of SG Investment Banking, Asia, said in a statement.
The week on Risk.net, July 7-13, 2018Receive this by email