By Angela McDaniels
Seattle, April 30 - Pioneer Embroideries Ltd. issued $25 million of zero-coupon foreign-currency convertible bonds with a yield to maturity of 8% per year, according to a company notice filed with the Bombay Stock Exchange.
The bonds were issued in two tranches: $15 million of series A bonds and $10 million of series B bonds. Both tranches have a tenor of five years and one day.
Athena Capital Partners LLP was the lead manager.
The bonds are convertible into ordinary shares at an initial conversion price of Rs. 249.32 per share, which is a 20% premium to the share price on the reference date.
The company said it will list the bonds on the Singapore Stock Exchange.
Pioneer Embroideries is based in Bangalore, India, and manufactures embroidered laces.
| Issuer: | Pioneer Embroideries Ltd.
|
| Issue: | Foreign-currency convertible bonds
|
| Lead manager: | Athena Capital Partners LLP
|
| Amount: | $25 million total, including $15 million of series A bonds and $10 million of series B bonds
|
| Maturity: | 2012
|
| Coupon: | 0%
|
| Yield: | 8%
|
| Conversion premium: | 20%
|
| Conversion price: | Rs. 249.32
|
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