By Kenneth Lim
Boston, April 10 - India's Aarvee Denims and Exports Ltd. on Tuesday completed the sale of $20 million of five-year zero-coupon convertible bonds to yield 8% with an initial conversion premium of 35%.
Standard Chartered Bank was the manager of the Regulation S offering.
The initial conversion price was set at Rs. 148.93 per share of Aarvee's Bombay-listed common stock. The conversion price may be reset subject to a floor of 85% the initial conversion price and a cap of 130% of the initial conversion price.
Aarvee, a Gujarat, India-based denim manufacturer, did not say how it will use the proceeds of the deal.
| Issuer: | Aarvee Denims and Exports Ltd.
|
| Issue: | Convertible bonds
|
| Bookrunner: | Standard Chartered Bank
|
| Amount: | $20 million
|
| Maturity: | 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | 147%
|
| Yield: | 8%
|
| Conversion premium: | 35%
|
| Conversion price: | Rs. 148.93, may be reset within 85%-130% of initial conversion price
|
| Settlement date: | April 10
|
| Distribution: | Regulation S
|
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