By Kenneth Lim
Boston, April 11 - India's JCT Ltd. priced $30 million of five-year 2.5% convertible bonds to yield 6% with an initial conversion premium of 20%.
The convertibles, which were priced April 5, have an initial conversion price of Rs. 14.80. The stock last traded at Rs. 13.57 on the Bombay Stock Exchange.
There is a greenshoe option of $4.5 million.
Jefferies International was the bookrunner of the deal.
The convertibles are non-callable for the first three years. They may be called after if the stock price exceeds 130% of the early redemption amount.
The convertibles have takeover protection.
JCT expects to list the securities in Singapore.
JCT is a Hoshiarpur, Punjab-based conglomerate with businesses in textiles and steel wires.
| Issuer: | JCT Ltd.
|
| Issue: | Convertible unsecured bonds
|
| Bookrunner: | Jefferies International
|
| Amount: | $30 million
|
| Greenshoe: | $4.5 million
|
| Maturity: | April 8, 2011
|
| Coupon: | 2.5%
|
| Price: | Par of $10,000
|
| Redemption price: | 120.075
|
| Yield: | 6.0%
|
| Conversion premium: | 20%
|
| Conversion price: | Rs. 14.80, with downward resets of up to 10% each time in 2007 and 2008
|
| Takeover protection: | Change of control put
|
| Call protection: | Non-callable 3 years, thereafter soft-call threshold at 130% of early redemption amount
|
| Pricing date: | April 5
|
| Listing: | Singapore Exchange
|
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