New York, March 9 - Associated Cement Cos. Ltd. priced $60 million of five-year convertible bonds to yield 2.5% with a 35% initial conversion premium.
The Mumbai, India, cement company also sold $40 million of Global Depositary Receipts.
Associated Cement will use proceeds from the two offerings to fund its acquisition of Bargarh Cement Ltd., to modernize its Chaibasa plant, to set up a captive power plant and for other capital expenditures.
Citigroup was bookrunner for the deal, which will be listed on the London Stock Exchange.
| Issuer: | Associated Cement Cos. Ltd.
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| Issue: | Convertible bonds
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| Amount: | $60 million
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| Maturity: | March 19, 2009
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| Coupon: | 1%
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| Yield: | 2.5%
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| Conversion premium: | 35%
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| Conversion price: | Rs. 374.42
|
| Call: | After three years at conversion price
|
| Bookrunner: | Citigroup
|
| Pricing date: | March 8, after close
|
| Listing: | London Stock Exchange
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