By Aaron Hochman-Zimmerman
New York, March 31 - FerroChina Ltd. priced a $55 million three-year bond with warrants, according to a press release.
The bonds will carry a coupon of 13.5%.
The first $40 million of the bonds may be redeemed early at the company's option at a price of 102 until March 31, 2009 and at 101 afterwards.
The remaining $15 million may be redeemed at par on April 30, 2008 and at 102 afterwards.
A warrant will be issued for every $2 of the $40 million tranche, but no more than 27.5 million warrants will be issued.
Each warrant may be redeemed for one share of the company.
Proceeds from the issuance will be used to refinance part of the principal of its $60 million 7% guaranteed notes due March 29, 2008.
The Ferro China is a Changshu, China-based steel producer.
| Issuer: | FerroChina Ltd.
|
| Amount: | $55 million
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| Issue: | Three-year bonds with warrants
|
| Maturity: | March 31, 2011
|
| Coupon: | 13½%
|
| Warrants: | Redeemable for one share; one per $2 principal amount
|
| Pricing date: | March 31
|
|
|
| Amount | $40 million tranche
|
| Call features: | Redeemable at 102 until March 31, 2009 and at 101 afterwards
|
|
|
| Amount | $15 million tranche
|
| Call features: | Redeemable at par on April 30, 2008 and at 102 afterwards
|
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