Techtronics debuts in CB markets

Power tool manufacturer raises funds for acquisitions.

Hong Kong listed Techtronics Industries raised $140 million on Wednesday from a debut convertible led by ABN AMRO and HSBC. Terms were aggressive and the deal consequently priced at the wide end of the range, with books marginally oversubscribed.

Terms comprised a five-year final maturity and a par in par out structure with a 1.5% coupon and three-year put option. The conversion premium was fixed at 38% to the stock's spot close of HK$12 on Wednesday and there is also a call option after three years with a 130% trigger.

Marketed terms comprised a premium of 38% to 43% and coupon of 1% to 1.5%....

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