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2009-4-24 09:07:00 a.m. HKT, XFNA
DJ Techtronic To Sell Up To US$150 Mln Bonds With Warrants
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| HONG KONG (Dow Jones)--Powertool and vacuum cleaner maker Techtronic Industries Co. (0669.HK) said it plans to issue up to US$150 million worth of convertible bonds with warrants.
The company said in a statement Thursday the bonds will carry an annual interest rate of 8.5%, with a conversion price of HK$5.20, or a 7.9% premium to its Thursday closing price of HK$4.82. The exercise price of the warrants is HK$5.10 per Techtronic share, the company said.
If all the bonds are converted and the warrants are exercised, the company will have to issue a total of 279.4 million new shares, or 15.7% of its enlarged share capital, it said.
Techtronic said it expects net proceeds from the issue to be about HK$1.42 billion (US$183.2 million) if the bonds and warrants are exercised in full. It said it will use the funds for general working capital and debt reduction.
Bank of America Merrill Lynch, HSBC Holdings PLC and Citigroup Inc. are the placing agents for the bonds, Techtronic added. -By Aries Poon, Dow Jones Newswires; 852-2832-2332; aries.poon@dowjones.com
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