States United States (00493, Hk) 2.3 Billion To Be Issued Refinance Old Debt - Gome Electrical

The introduction of Bain Capital in June, while the old shareholders to subscribe

for new shares to finance 3.236 billion Hong Kong dollars, only separated by 3 months, then start a new round of financing.

States United States

Electric yesterday's closing price of 2.12 Hong Kong dollars, or 3.64%.

Redemption of convertible bonds

pressure to solve the old

Gome announced yesterday morning, the company proposing to issue RMB denominated in U.S. dollars and paid in 2014, a 3% coupon convertible bonds. Gome said that the convertible bonds issued main purpose is to allow the company to repurchase more adequate capital and conversion of a number of previously issued convertible bonds.

It is understood that Gome convertible bonds issued by the conversion price of 2.838, compared to HK on September 21 closing price before the suspension Gome 2.2 premium of about 29% of the Hong Kong dollar. JP Morgan Chase as the time of the issue lead manager will be fully underwritten by payment of the initial aggregate principal amount of 300.2 million U.S. dollars (about 2.05 billion yuan). Meanwhile, Gome also lead managers to provide options, issue of aggregate principal amount of 49.8 million U.S. dollars (about 340 million yuan) of the issuance of bonds.

Including the issuance of bonds, then the largest bond issue by the funds raised will be RMB 350 million U.S. dollars (about 2.39 billion yuan), excluding commissions and other expenses and related costs, the financing Gome about 342.2 million net U.S. dollars (about 2.337 billion yuan).

Gome said that fund-raising proceeds will be used to redeem and repurchase of convertible bonds in 2014 (4.96 dollar stock transfer agreement), and for general corporate purposes.

Gome has approval of the bonds listed and traded on the Singapore Exchange, also has applied for approval of conversion of shares listed and traded on the Hong Kong Stock Exchange.

Huang Guangyu

Equity or diluted

It is noteworthy that, at present, Huang Guangyu of GOME stake at about 33.9%, while the issuance of bonds, Gome will dilute his holdings. It is understood that all of the bonds converted into equity, then the stake will account for the current share capital of GOME about 6.35%, accounting for the enlarged share capital of GOME about 5.97%. If all of the Convertible Notes, at the same time in 2014, the date of maturity of other debt not equity transfer Gome, then Huang Guangyu's stake will be diluted to 26.67%.

Early August this year, the Hong Kong Securities and Futures Commission to "involved in securities, futures contracts or leveraged foreign exchange trading, fraudulent or deceptive means to use offense" as an excuse to submit to the Hong Kong High Court, asking the court to promulgate a prohibition order Hong Kong's High Court approved on August 5 proposed by the Hong Kong Securities and Futures Commission on the Huang Guangyu 1.655 billion Hong Kong dollar assets freeze applications. September 8, the Hong Kong High Court held hearings on the matter, Huang Guangyu's assets continue to be frozen.

by: gaga

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