WCT Engineering plans $100 million five-year convertibles offering

By Angela McDaniels

Seattle, April 17 - WCT Engineering Bhd. plans to price up to $100 million of five-year senior unsecured convertible bonds, according to company news release.

The bonds will be issued via newly incorporated wholly owned subsidiary WCT Offshore (L) Ltd. and will be guaranteed by WCT Engineering.

Aseambankers Malaysia Bhd. and BNP Paribas will be the joint lead managers and bookrunners for the proposed issue.

WCT will have a cash settlement option upon conversion of the bonds, and the bonds will be putable after three years.

The coupon and conversion price are to be determined.

The company said it may apply to list the bonds on a foreign stock exchange.

The Selangor Darul Ehsan, Malaysia-based engineering and construction company also plans to issue rights to existing shareholders to subscribe for up to RM 155,080,604 of five-year 4.5% non-cumulative irredeemable convertible preference shares.

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