Feringghi $375 million convertible talked to yield 1.55%-2.05%, up 15%-22%

Nashville, Dec. 15 - Feringghi Capital Ltd. launched $375 million of five-year convertible senior unsecured bonds talked to yield 1.55% to 2.05% with a 15% to 22% initial conversion premium.

The 0% issue, convertible into shares of Khazanah Nasional Berhad - guarantor of the bonds, have a put at the end of year two at 103.136 to 104.163. The bonds will be issued at par. Khazanah is the investment arm of the Malaysian government.

Market sources said the issue was believed to have priced with 1.90% yield and an 18% premium, but that could not be confirmed.

There is a $55 million greenshoe available.

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