By Jennifer Chiou
New York, June 28 - Renaissance Services SAOG announced an upcoming rights issue of 423,141,678 mandatory convertible bonds at a price of 0.102 Omani rial apiece.
The 43,160,451.16 rial issue has a 9.18 mllion rial greenshoe for 90 million additional bonds.
The offering is open to shareholders of record as of July 3 at a rate of 1.5 convertible bonds per share, rounded down to the nearest whole umber.
The subscription period for the rights offer will run from July 10 to July 24.
The five-year bonds will bear interest at 3.75% per year.
The securities will be mandatorily converted, starting with one-third of the bonds in year three and the same amount in years four and five. The conversion price will be equal to the average of the closing price of the company's shares 30 days prior to the conversion date, subject to adjustments, divided by the 1.7 conversion factor.
Shareholders approved the issue at a June 18 meeting.
Renaissance will use proceeds to finance growth and expansion.
The manager is BankMuscat SAOG (968 2476 8888).
The Oman-based company provides services to the oil and gas industry.
| Issuer: | Renaissance Services SAOG
|
| Issue: | Rights offer of mandatory convertible bonds
|
| Amount: | 43,160,451.16 Omani rial
|
| Maturity: | 2017
|
| Bonds: | 423,141,678
|
| Price: | 0.102 Omani rial each
|
| Coupon: | 3.75%
|
| Subscription period: | July 10 to July 24
|
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