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Glenmark buys back $86.5 million 2% convertibles in one-day tender
By Susanna Moon
Chicago, Oct. 1 – Glenmark Pharmaceuticals Ltd. said it agreed to buy back $86.5 million, or 43.25%, of its 2% resettable onward starting equity-linked securities due 2022 in the one-day offer that ran on Sept. 28.
Glenmark purchased 346 FCC bonds at a repurchase price of 105% of par, or $262,500 for each $250,000, according to a company update on Monday.
The company said on Sept. 28 that it was holding the one-day tender for $100 million of the notes until noon ET on Sept. 28.
The company will also pay accrued interest.
After settlement on Oct. 5, there will be $113.5 million of the bonds left outstanding.
Glenmark previously said it is undertaking the transaction as part of its strategy to manage the maturity profile of its existing debt.
The company said its board met on Sept. 28 and approved opportunistic tenders of any part of its Singapore-listed foreign currency convertible bonds, including its $200 million 2% resettable onward starting equity-linked securities due 2022 issued in 2016 and its $200 million 4.5% senior notes due 2021, according to a separate notice.
The company’s shares (Bombay: Glenmark) closed at Rs. 644.20 on Sept. 27.
J.P. Morgan Securities plc (+852 2800 1272, mahesh.ahlawat@jpmorgan.com) and MUFG Securities Asia Ltd. (+44 20 7577 4048/4218, +65 6232 7632, DCM-LM@int.sc.mufg.jp) are the dealer managers.
Mumbai, India-based Glenmark is a pharmaceutical company.
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