By Rebecca Melvin
Princeton, N.J., July 13 - Uttam Galva Steels Ltd. said it sold $30 million of 2% foreign currency convertible bonds with an initial conversion premium of 45%.
Macquarie Bank Ltd. acted as the sole bookrunner of the five-year bonds, which will be listed on the Singapore Stock Exchange.
The galvanized steel maker said proceeds would be used for capital expenditures, general corporate purposes and other purposes in accordance with applicable law.
The Mumbai, India, company makes cold-rolled and galvanized steel products.
| Issuer: | Uttam Galva Steels Ltd.
|
| Issue: | Foreign currency convertible bonds
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| Bookrunner: | Macquarie Bank
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| Amount: | $30 million
|
| Maturity: | 2010
|
| Coupon: | 2%
|
| Price: | Par
|
| Yield: | 2%
|
| Conversion premium: | 45%
|
| Conversion price: | Rs. 93.467
|
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