New Issue: Pidilite prices $40 million zero-coupon convertibles due 2012 to yield 6.75%, up 30%

By Evan Weinberger

New York, Nov. 5 - Pidilite Industries Ltd. priced $40 million in zero-coupon foreign currency convertible bonds due 2012 to yield 6.75% with an initial conversion premium of 30% Friday after the market close in Mumbai. The convertibles will mature five years and one day from the settlement date.

JPMorgan Securities is the bookrunner of the Regulation S transaction.

The convertibles have a conversion price of Rs 256.035. They will be redeemed at 139.37% of par at maturity. The convertibles are callable beginning Jan. 9, 2008.

Pidilite is a Mumbai-based industrial and consumer chemical producer. The company plans to use the proceeds for capital expenditures, international expansion and general corporate purposes.

Issuer: Pidilite Industries Ltd.

Issue: Foreign currency convertible bonds

Amount: $40 million

Maturity: 2012 (five years, one day from settlement date)

Coupon: 0%

Price: Par

Yield: 6.75%

Conversion premium: 30%

Conversion price: Rs 256.035

Redemption price: 139.37%

Call: Beginning Jan. 9, 2008

Bookrunner: JPMorgan Securities

Distribution: Regulation S

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