WBL Corp. to offer S$159.68 million convertibles via a rights issue

New York, March 31 - WBL Corp. Ltd. said it will offer up to S$159,677,145 of 2.5% convertible bonds due 2014 in a rights offering to stockholders.

Three convertible bonds with a denomination of S$1.00 will be offered for each four stock units.

Shareholders will be able to transfer their rights and they will also be apply to apply for additional convertibles.

Fractional entitlements will be disregarded and these along with any allotments that are not taken up will be allocated to investors who apply for more convertibles or otherwise sold.

Foreign shareholders will only be able to participate if they provide an address in Singapore with the exception of qualified institutional buyers in the United States who will be able to participate under Rule 144A.

Oversea-Chinese Banking Corp. Ltd. is the underwriter.

The convertibles will mature after five years and pay interest at 2.5%.

The conversion price will be set at a discount of 35% to the market price on the day four business days before ex-rights trading of the common stock begins.

WBL needs the approval of stockholders at an extraordinary general meeting before it can go ahead.

Proceeds from the rights issue will be used to partially refinance a S$180 million term loan maturing in June.

WBL is a Singapore-based investment holding company.

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