Uttam Strips offers $200 million 10-year convertibles to yield 6%-8%

By Rebecca Melvin

New York, March 10 - Uttam Strips Ltd. plans to price $200 million, or Rs. 1,200 crore, of 10-year convertible bonds that were talked to yield 6% to 8% in a private placement via U.S.-based private equity fund Exhilway Global as agent for placing the bond.

Proceeds will be used to repay the company's Indian bank liabilities and for possible acquisitions.

U.S.-based Kelly Ramos Law Firm (Atlanta) is the legal adviser to the bond issue along with several other private placement agents.

New Delhi-based Uttam Strips is a metal home products manufacturer that supplies domestically and internationally to retailers like Walmart USA, Gimi in Italy and Europasonic in the United Kingdom.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.