By Rebecca Melvin
Princeton, N.J., Sept. 13 - India's Deccan Chronicle Holdings Ltd. priced $54.02 million of five-year convertibles to yield 0% with an initial conversion premium of 60%.
The bookrunner for the foreign currency convertible bonds was JP Morgan.
The bonds, which priced Monday, are expected to be listed on the Singapore Stock Exchange.
There is a soft call in three years on Oct. 12, 2008, with the standard 130% trigger.
The issue is convertible at a conversion price of Rs. 522.835 per share, which represents a premium of 60% over the reference share price of Rs. 326.772.
Proceeds are expected to be used to help grow the company, which is a publishing company in English, based in Hyderabad, India, a bookrunner source said.
| Issuer: | Deccan Chronicle Holdings Ltd.
|
| Issue: | Foreign currency convertible bonds
|
| Amount: | $54.02 million
|
| Bookrunner: | JP Morgan
|
| Maturity: | Oct. 12, 2010
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion premium: | 60%
|
| Conversion price: | Rs. 522.835
|
| Conversion ratio: | 83.298
|
| Calls: | Callable on Oct. 12, 2008
|
| Puts: | No puts
|
| Pricing date: | Sept. 12
|
| Settlement date: | Oct. 12
|
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