China’s Hansoh Pharmaceutical Group is raising HK$4.68 billion ($600 million) from a seven-year zero-coupon convertible bond, a term sheet seen by Reuters on Monday showed.
The Hong Kong dollar-denominated bonds, due in 2033, have a 0% yield to maturity and are convertible at a premium of around 47% to 52% over the reference share price, set at the clearing price of a concurrent delta placement, the sheet showed.
They carry put options in the third and fifth years at par.
Proceeds will be used for research and development, construction of manufacturing facilities and general corporate purposes, the term sheet showed.
Hansoh is a drugmaker focused on the research, development and manufacturing of medicines, with an emphasis on oncology, infectious diseases, central nervous system, metabolic and autoimmune disorders, its official website says.
Hansoh shares have risen 11.5% this year, LSEG data showed.
Morgan Stanley and Citigroup are joint global coordinators and joint bookrunners, the term sheet showed.
Reuters
