New York, April 22 - Zee Telefilms Ltd. priced $85 million of five-year 0.5% convertible bonds at par to yield 3.5% with a 35% initial conversion premium.
UBS AG and Citigroup Global Markets Inc. were joint bookrunners for the offering.
The deal has a $15 million greenshoe.
"This positions us well to take advantage of opportunities opening up in the media and entertainment sector," said Rajiv Garg, chief executive officer corporate strategy and finance at Zee, in a news release.
Zee is a Mumbai, India, media and entertainment company. It previously said it would use proceeds to upgrade equipment and for other project spending.
| Issuer: | Zee Telefilms Ltd.
|
| Issue: | Convertible bonds
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| Amount: | $85 million
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| Greenshoe: | $15 million
|
| Maturity: | 5 years
|
| Coupon: | 0.5%
|
| Price: | Par
|
| Redemption price: | 116.24%
|
| Yield: | 3.5%
|
| Initial conversion premium: | 35%
|
| Conversion price: | Rs. 197.24
|
| Pricing date: | April 20, after close
|
| Bookrunner: | UBS AG and Citigroup Global Markets Inc.
|
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