India's Sterling Biotech sells $20 million additional convertibles

New York, Sept. 20 - Sterling Biotech Ltd. said it sold an additional $20 million of convertible bonds bringing its recent issue to $90 million.

The extra securities were all in the five-year tranche, bringing its size to $70 million.

As previously announced on Sept. 14, Sterling brought the deal to market in two tranches, $20 million that is redeemable after three years at a premium of 3% and an original $50 million redeemable after five years at a premium of 5%.

For both tranches the coupon is 2% and the initial conversion price is 10% above the average closing price of the company's stock for the five trading days before the deal was sold.

The bonds are convertible into either ordinary shares or GDS representing six ordinary shares.

Sterling Biotech is an India-based manufacturer of pharmaceutical gelatin.

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