Hong Kong-listed Clear Media completed a debut HK$312 million $40 million convertible yesterday September 20 with JPMorgan as lead manager.
The transaction marks the group's first foray back into the equity markets since it listed at the very end of 2001 in an IPO led by Goldman Sachs. The new deal has a five-year maturity with an issue price of par, zero coupon and redemption price of 121.899% to yield 4%. There is a three-year put at 112.616% and a three-year call with a 130% hurdle.
The conversion premium was fixed at 35% over the stock's HK$7.10 close. When it listed in 2001, Clear...
