By Kenneth Lim
Boston, July 21 - India's Videocon Industries Ltd. on Friday said it priced $105 million of five-year convertible bonds at par with a coupon of 4.5% and an initial conversion premium of 28%.
The conversion price is initially Rs. 511.18, but it may be adjusted downwards each year on July 13 if the 15-day average of Videocon stock falls below the conversion price. There is a floor price of Rs. 410 for the resets. Videocon stock closed at Rs. 399.40 on Thursday.
Videocon plans to list the convertibles in Singapore.
Videocon is an Aurangabad, Maharashtra, India-based conglomerate with businesses in oil and gas production and electronics manufacturing. It did not say how it would use the proceeds of the deal.
| Issuer: | Videocon Industries Ltd.
|
| Issue: | Foreign currency convertible bonds
|
| Amount: | $105 million
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| Maturity: | July 25, 2011
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| Coupon: | 4.5%
|
| Price: | Par
|
| Yield: | 4.5%
|
| Conversion premium: | 28%
|
| Conversion price: | Rs. 511.18
|
| Pricing date: | July 21
|
| Settlement date: | July 24
|
| Listing: | Singapore
|
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