By Kenneth Lim
Boston, Feb. 13 - India's Orchid Chemicals & Pharmaceuticals Ltd. priced $175 million of five-year zero-coupon convertible bonds at an initial conversion premium of 30%.
There is an over-allotment option for a further $25 million.
Merrill Lynch was the bookrunner for the Regulation S offering.
The initial conversion price was set at Rs. 348.34.
Orchid, a Tamil Nadu, India-based drug manufacturer, did not detail the use of proceeds.
| Issuer: | Orchid Chemicals & Pharmaceuticals Ltd.
|
| Issue: | Convertible bonds
|
| Bookrunner: | Merrill Lynch
|
| Amount: | $175 million
|
| Greenshoe: | $25 million
|
| Maturity: | Five years
|
| Coupon: | 0%
|
| Conversion premium: | 30%
|
| Conversion price: | Rs. 348.34
|
| Pricing date: | Feb. 13
|
| Distribution: | Regulation S
|
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