Osim raises $170m in first Singapore CB of 2014

The massage chair company issues the first convertible bond from Singapore this year and the first zero-coupon CB since 2007.
Osim's massage chairs are a hit with increasingly affluent Asian consumers
Osim's massage chairs are a hit with increasingly affluent Asian consumers

Singapore’s Osim, which makes massage chairs, raised $200 million through a convertible bond on Tuesday evening the first deal from Singapore this year and the first zero-coupon CB in this market since 2007.

Strong demand from investors allowed the company to upside the base issue size from $150 million to $170 million, though the reduction of the upsize from $50 million to $30 million means that the total potential deal size assuming the upsize is exercised will remain the same.

Despite the interest, Osim and sole bookrunner HSBC priced at the best terms for investors a 25% conversion premium on the equity and a 2% yield on...

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