By Kenneth Lim
Boston, June 22 - India's Educomp Solutions Ltd. priced $80 million of five-year zero-coupon convertible bonds on Friday to yield 7% with an initial conversion premium of 27.5%, the company said in a statement.
The convertibles were offered at par.
Barclays Capital was the bookrunner of the Regulation S offering.
The convertibles have an initial conversion price of Rs. 2,949.83 per share.
Educomp, a New Delhi, India-based developer of computer-based teaching solutions, did not say how it will use the proceeds of the deal.
| Issuer: | Educomp Solutions Ltd.
|
| Issue: | Convertible bonds
|
| Bookrunner: | Barclays Capital
|
| Amount: | $80 million
|
| Maturity: | July 26, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | 141.087%
|
| Yield: | 7%
|
| Conversion premium: | 27.5%
|
| Conversion price: | Rs. 2,949.83
|
| Pricing date: | June 22
|
| Distribution: | Regulation S
|
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