By Evan Weinberger
New York, Nov. 7 - Firstsource Solutions Ltd. priced $275 million in zero-coupon foreign currency convertible bonds due Dec. 4, 2012 with a 6.75% yield and a 35% initial conversion premium on Tuesday after the market close in India.
ICICI Bank and JPMorgan are joint bookrunners of the Regulation S transaction. The convertibles priced at par. The settlement date is expected to be Dec. 3.
The conversion price is Rs 92.2933.
Firstsource is a Mumbai-based business services and outsourcing company that operates call centers for businesses around the world. The company will use the proceeds to pay back debt incurred in its acquisition of MedAssist Holdings Inc.
Issuer: Firstsource Solutions Ltd.
Issue: Foreign currency convertible bonds
Amount $275 million
Maturity: Dec. 4, 2012
Coupon: 0%
Price: Par
Yield: 6.75%
Conversion premium: 35%
Conversion price: Rs 92.2933
Bookrunners: ICICI Bank and JPMorgan
| Pricing date: | Nov. 7
|
| Settlement date: | Dec. 3
|
| Distribution: | Regulation S
|
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