By Angela McDaniels
Tacoma, Wash., Jan. 11 - Esterad Investment Co. BSC priced 7 million Bahraini dinars of five-year convertible bonds at par to yield 4.5%, according to a company news release.
There is an 8 million dinars over-allotment option.
The bonds will be listed on the Bahrain Stock Exchange and will be convertible into Esterad ordinary shares annually starting on the third year.
The conversion price is the net asset value per share or 0.365 dinars, whichever is lower.
The lead manager is SICO.
The subscription period began on Sunday and will close on Jan. 24. There is a minimum subscription amount of 100 dinars.
Shareholders of record as of Dec. 31 can subscribe for three bonds for every 310 ordinary shares held. The offer is also open to members of the public.
The company said the offer is the first public offering of convertible bonds made by a Bahraini company on the Bahrain Stock Exchange.
Esterad is an investment company based in Manama, the Kingdom of Bahrain.
| Issuer: | Esterad Investment Co. BSC
|
| Issue: | Convertible bonds
|
| Amount: | 7 million Bahraini dinars
|
| Greenshoe: | 8 million dinars
|
| Maturity: | 2015
|
| Lead manager: | SICO
|
| Coupon: | 4.5%
|
| Price: | Par
|
| Yield: | 4.5%
|
| Conversion price: | Lower of net asset value per share and 0.365 dinars
|
| Pricing date: | Jan. 10
|
| Stock symbol: | Bahrain Stock Exchange: Esterad
|
| Stock price: | 0.29 dinars at close Jan. 8
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
