By Kenneth Lim
Boston, April 20 - India's Sterling Biotech Ltd. priced $250 million of five-year zero-coupon convertible bonds on Thursday to yield 6.35% with an initial conversion premium of 25% over the common stock's volume weighted average price.
JP Morgan was the bookrunner of the Regulation S offering.
The bonds are convertible into Sterling's Mumbai-listed common stock at Rs. 204.576 per share.
Sterling Biotech, a Mumbai, India-based manufacturer of pharmaceutical gelatin, did not say how the proceeds will be used.
| Issuer: | Sterling Biotech Ltd.
|
| Issue: | Convertible notes
|
| Bookrunner: | JP Morgan
|
| Amount: | $250 million
|
| Maturity: | 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 6.35%
|
| Conversion premium: | 25%
|
| Conversion price: | Rs. 204.576
|
| Pricing date: | April 19
|
| Distribution: | Regulation S
|
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