By Evan Weinberger
New York, June 29 - Gayatri Projects Ltd. priced ¥3.075 billion zero-coupon unsubordinated unsecured convertible bonds due 2012 to yield 3.75% with an initial conversion premium of 25% Friday.
JP Morgan is the bookrunner and lead manager for the bonds. The bonds are expected to close July 31.
The conversion price is Rs. 378.3452 and the conversion ratio 8730.12. The bonds are issued at par and will be redeemed at 120.414% at maturity.
The company intends to use the proceeds for capital expenditure and investment infrastructure projects, international acquisitions and other uses as deemed necessary.
Gayatri Projects is a Hyderabad, India-based construction firm that works on major national infrastructure projects.
Issuer: Gayatri Projects Ltd.
Issue: Unsubordinated unsecured convertible bonds.
Amount: ¥3.075 billion
Maturity: 2012
Coupon: 0%
Price: Par
Yield: 3.75%
Conversion premium: 25%
Conversion price: Rs. 378.3452
| Conversion ratio: | 8730.12
|
| Redemption price: | 120.414% of par
|
| Pricing date: | June 29
|
| Closing date: | July 31
|
| Bookrunner: | JP Morgan
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