HKD0.176 per share
Imperial Pacific Holdings International Ltd. plans to raise HKD46 million (US$6.9 million) for Phase I of its Imperial Pacific Resort on Saipan, in the Commonwealth of the Northern Mariana Islands.
According to GGRAsia, the convertible bonds will offer 4 percent annual interest payable twice a year on June 30 and December 31. The maturity date of the bonds in a principal amount of HKD50 million will be the second anniversary of the date of issue.
The price will be HKD0.176 per conversion share subject to adjustment, the news outlet reported. That price represents a premium of 36 percent over the closing price of HKD0.129 per share on June 16.
IPI, which has an exclusive casino license on Saipan, is currently operating a temporary facility, Best Sunshine Live, in an upscale shopping mall on the island.
The Imperial Pacific Resort will feature 350 hotel rooms, 15 villas, 200 to 300 gaming tables and up to 400 slot machines, according to the company.
