By Kenneth Lim
Boston, Nov. 3 - India's ISMT Ltd. on Friday priced $20 million of five-year zero-coupon convertible bonds to yield six-month Libor plus 200 basis points with an initial conversion premium of 33.5%.
The convertibles were issued in two tranches, but both are convertible into ISMT common stock at Rs. 105 per share.
JP Morgan was the bookrunner of the offering.
ISMT, a Maharashtra, India-based manufacturer of metal seamless tubes, did not specify how it will use the proceeds of the deal.
| Issuer: | ISMT Ltd.
|
| Issue: | Foreign currency convertible bonds
|
| Amount: | $20 million
|
| Maturity: | Five years and one day
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | Libor plus 200 bps
|
| Conversion premium: | 33.5%
|
| Conversion price: | Rs. 105
|
| Bookrunner: | JP Morgan
|
| Pricing date: | Nov. 3
|
| Distribution: | Regulation S
|
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