By Rebecca Melvin
Princeton, N.J., Dec. 1 - IVRCL Infrastructures & Projects Ltd. priced $65 million of five-year foreign currency convertible bonds at par to yield 0% with an initial conversion premium of 55%, according to a syndicate source.
The five-year-and-one-day bonds, which priced Wednesday, are callable in three years at 130% of the accreted conversion price.
Citigroup and ABN Amro Rothschild acted at joint bookrunners.
Proceeds of the offering are expected to be used for capital expenditures and investment in build, own, operate and transfer projects and build, operate and transfer projects.
Hyderabad-based IVRCL is a construction company.
| Issuer: | IVRCL Infrastructure & Projects Ltd.
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| Issue: | Foreign currency convertible bonds
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| Amount: | $65 million
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| Bookrunners: | Citigroup and ABN Amro Rothschild
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| Maturity: | Dec. 9, 2010
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| Coupon: | 0%
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| Price: | Par
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| Yield: | 0%
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| Conversion premium: | 55%
|
| Conversion price: | Rs. 1,170.17
|
| Pricing date: | Nov. 30
|
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