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HAG: HAGL successfully issues US$90 million international bonds
Hoang Anh Gia Lai (HOSE: HAG) announced the successful pricing of US$90 million in Vietnam’s first international straight corporate bond:
- Hoang Anh Gia Lai JSC (HAGL) is pleased to announce that the company successfully priced its inaugural international bond offering on May 11, 2011. The US$90 million Senior Notes mark the first international corporate high yield bond issuance by a Vietnamese company. Credit Suisse acted as Sole Bookrunner for the offering and Saigon Securities Inc. acted as the domestic financial advisor to HAGL
- Commenting on the transaction, HAGL Chairman Mr. Doan Nguyen Duc said: “HAGL is delighted to be the first Vietnamese company to successfully access the international debt capital markets through this groundbreaking transaction. We look forward to developing a positive long-term relationship with the international investor community.”
- HAGL’s senior notes are rated B (Positive outlook) by Standard & Poor’s and B (stable outlook) by Fitch and were priced with a 9.875% annual coupon. The notes, which have a five year maturity and can be called by the issuer after three years, are being sold under Regulation S and are expected to be listed on the Singapore Exchange Securities Trading Limited (SGX)
- HAGL intends to use the net proceeds of the notes issue to finance capital expenditure in its hydropower and rubber plantations businesses and for operating expenses. HAGL is a Vietnamese conglomerate with a significant real estate business in Vietnam, but with growing operations in the iron ore, rubber plantation and hydropower sectors. HAGL has no government ownership and is listed on the Ho Chi Minh stock exchange
- This announcement and the information contained herein is not an offer to sell securities in the United States, Canada and Japan. Securities may not be offered or sold in the United States or to, or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act of 1933 (the "Securities Act")) absent registration pursuant to the Securities Act, or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the issuer and management, as well as financial statements.
HOSE
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