The most read Vietnamese newspaper
Edition: International | Vietnamese
© Copyright 1997 VnExpress.net. All rights reserved.
According to Bloomberg, the bonds have a maturity of five years, and a fixed coupon rate of 5.25 percent per year. Subject to terms, these bonds are convertible into common Novaland shares. The conversion price is VND135,700 per share, 15 percent higher than the closing price of the company’s share on launching date, July 7. At this time, the market price of the share closed at VND118,000 per share. The denomination of each bond is $200,000 in principal amount.
Credit Suisse (Singapore) Limited is Sole Global Coordinator and Sole Bookrunner for this transaction.
The issuance received great interest from reputable international investors. The order book was multiple times oversubscribed relative to the deal size of $300 million.
According to Novaland, the amount of capital raised from this issuance will be allocated to landbank acquisition and project development to achieve a three-year earnings target. Additionally, the success of this transaction will strengthen the company's debt profile with the dominance of mid- and long-term borrowings.
 |
|
NovaWorld Phan Thiet in Binh Thuan has a scale of more than 1,000 hectares, and is one of three key projects of Novaland Group. Photo by Novaland Group. |
Previously, the group had issued $240 million in international convertible bonds listed on Singapore Stock Exchange in April 2018 and December 2018.
