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Bangkok Dusit to start partial tender offer for 3.75% convertibles Friday
By Angela McDaniels
Tacoma, Wash., Nov. 12 - Bangkok Dusit Medical Services PCL will begin a partial tender offer for its $124 million 3.75% convertible bonds due 2011 Friday, according to a company news release.
The offer will expire at 12 p.m. ET on Nov. 19.
The company said it expects the offer will be for up to $50 million of the convertibles, although that amount may change.
Holders will be invited to specify the clearing price they will accept.
Bangkok Dusit will accept bonds at the lowest tender prices first and then accept tenders from lowest to highest up to the clearing price, the minimum price needed to reach the size of the offer. All holders will receive the clearing price. No accrued interest will be paid.
Any convertibles repurchased will be cancelled, as will the shares reserved for the conversion of those convertibles.
The offer will be funded with cash, funds raised by the company, a financial institution loan or through a combination.
The Bangkok-based private hospital operator said repurchasing the convertibles is expected to result in cost savings and reduce potential dilution.
Macquarie Capital (Singapore) Pte. Ltd. is handling the tender (+852 2823 4628 or +852 2249 3428 or email roland.sharman@macquarie.com or richard.peel@macquarie.com).
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