By Kenneth Lim
Boston, Jan. 22 - India's Era Constructions India Ltd. on Monday priced $60 million of five-year zero-coupon convertible bonds at an initial conversion premium of 20% over a reference price that has not been determined.
The reference price will be set 12 months from the closing of the offering.
There is an over-allotment option for a further $15 million.
Citigroup was the bookrunner of the Regulation S offering.
Era, a New Delhi, India-based construction company, said the proceeds of the offering will be used for capital expenditures and investment in construction projects, for overseas joint ventures and for other general purposes.
| Issuer: | Era Constructions India Ltd.
|
| Issue: | Convertible bonds
|
| Bookrunner: | Citigroup
|
| Amount: | $60 million
|
| Greenshoe: | $15 million
|
| Maturity: | Five years and one day
|
| Coupon: | 0%
|
| Price: | Par
|
| Conversion premium: | 20% over reference price, to be determined 12 months after closing
|
| Pricing date: | Jan. 22
|
| Distribution: | Regulation S
|
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