United Labs makes CB comeback with $130m

Pharmaceutical 230x150
By John Loh
22 Nov 2016

United Laboratories International Holdings returned to the equity-linked market in style on Monday after a five year absence, raising $130m from a convertible bond.

Sole bookrunner Credit Suisse marketed the five year put and non call three with a base of $100m and a greenshoe of $30m, giving investors the choice of a 4.5%-5.0% coupon and 15%-20% conversion premium to United Labs’ Monday close of HK$4.66. The conversion price, based on the ...

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