By Kenneth Lim
Boston, March 3 - India's Punj Lloyd Ltd. priced a $125 million offer of five-year foreign currency convertible bonds at a coupon of 4.65% and an initial conversion premium of 25%.
The bonds, which still require shareholder approval to be issued, may be exchanged for Punj Lloyd's shares at Rs. 1,362.94. Punj Lloyd shares closed at Rs. 1,118.85 Friday on India's National Stock Exchange.
Citigroup Global Markets London is managing the deal.
When issued, the bonds are expected to trade on the Singapore Exchange.
Punj Lloyd is an engineering construction company based in New Delhi. It plans to use the proceeds of the deal to finance its ongoing capital expenditures, to repay international debt, to pursue possible acquisitions outside India and to invest in build-own-transfer projects.
| Issuer: | Punj Lloyd Ltd.
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| Issue: | Foreign currency convertible bonds
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| Bookrunner: | Citigroup Global Markets
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| Amount: | $125 million
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| Maturity: | Five years and one day
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| Coupon: | 4.65% (semi-annual)
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| Conversion premium: | 25%
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| Conversion price: | Rs. 1362.94
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| Pricing date: | March 3
|
| Listing: | Singapore Exchange
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