By Kenneth Lim
Boston, March 16 - Cranes Software International Ltd. has closed its €42 million offering of five-year convertible bonds priced at a coupon of 2.5% with an initial conversion premium of 35%.
The bonds, which were launched in February, will pay the coupon semi-annually and yield 4.8% to maturity. They may be redeemed at 112.833% of the principal amount, and the initial conversion price is Rs. 143.293 per share.
Barclays Capital was the bookrunner of the deal.
The bonds will be listed on the Singapore Exchange.
Cranes will use the proceeds from the offering to fund acquisitions, retire foreign currency term loans, strengthen its financial structure and for capital expenditure.
Cranes is a Bangalore, India-based designer of engineering and scientific software.
| Issuer: | Cranes Software International Ltd.
|
| Issue: | Foreign currency convertible bonds
|
| Bookrunner: | Barclays Capital
|
| Amount: | €42 million
|
| Maturity: | March 2011
|
| Coupon: | 2.5%, paid semi-annually
|
| Price: | Par
|
| Redemption price: | 112.833
|
| Yield: | 4.8%
|
| Conversion premium: | 35%
|
| Conversion price: | Rs. 143.293
|
| Pricing date: | March 16
|
| Listing: | Singapore Exchange
|
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