Hong Kong listed Techtronics Industries raised $140 million on Wednesday from a debut convertible led by ABN AMRO and HSBC. Terms were aggressive and the deal consequently priced at the wide end of the range, with books marginally oversubscribed.
Terms comprised a five-year final maturity and a par in par out structure with a 1.5% coupon and three-year put option. The conversion premium was fixed at 38% to the stock's spot close of HK$12 on Wednesday and there is also a call option after three years with a 130% trigger.
Marketed terms comprised a premium of 38% to 43% and coupon of 1% to 1.5%....
