Network Healthcare to price ZAR1.3 billion of five-year convertibles, talked at 6%-6.5%, up 25%-30%

By Kenneth Lim

Boston, Sept. 28 - South Africa's Network Healthcare Holdings Ltd. plans to price ZAR1.3 billion of five-year convertible senior guaranteed bonds, with talk putting the coupon at 6% to 6.5% and the initial conversion premium at 25% to 30%.

Pricing is expected around Oct. 12. There is a greenshoe option for a further ZAR200 million.

The bonds will be issued at par.

Barclays Capital and Dresdner Kleinwort are the bookrunners of the Regulation S deal, which will be listed in Singapore.

Network Healthcare, a Sandton-based owner and operator of hospitals in South Africa, said the proceeds of the deal will be used for general corporate purposes.

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