By Kenneth Lim
Boston, Oct. 18 - India's Shrenuj and Co. Ltd. on Wednesday priced a two-tranche, $15 million offering of floating-rate convertible bonds. The three-year series will yield Libor plus 200 basis points with an initial conversion premium of 5.4%, while the five-year series will yield Libor plus 330 bps with an initial conversion premium of 17.1%.
The three-year series has an initial conversion price of Rs. 45 per share, and the five-year series has an initial conversion price of Rs. 50 per share. The size of each tranche is $7.5 million.
ICICI Bank was the bookrunner of the Regulation S offering.
The bonds will be listed in Singapore.
Shrenuj is a Mumbai, India-based jewelry maker. It did not specify how it will use the proceeds of the offering.
| Issuer: | Shrenuj and Co. Ltd.
|
| Issue: | Convertible bonds
|
| Bookrunner: | ICICI Bank
|
| Pricing date: | Oct. 18
|
| Distribution: | Regulation S
|
| Listing: | Singapore Exchange
|
|
|
| Three-year tranche
|
| Amount: | $7.5 million
|
| Maturity: | 2009
|
| Coupon: | Libor plus 200 bps
|
| Price: | Par
|
| Yield: | Libor plus 200 bps
|
| Conversion premium: | 5.4%
|
| Conversion price: | Rs. 45
|
|
|
| Five-year tranche
|
| Amount: | $7.5 million
|
| Maturity: | 2011
|
| Coupon: | Libor plus 330 bps
|
| Price: | Par
|
| Yield: | Libor plus 330 bps
|
| Conversion premium: | 17.1%
|
| Conversion price: | Rs. 50
|
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