By Jennifer Chiou
New York, Jan. 19 - Esterad Investment Co. BSC announced the extension of the offering period for its previously announced issue of 7 million Bahraini dinars of five-year convertible bonds.
On Jan. 10, the bonds priced at par to yield 4.5% with an 8 million dinars over-allotment option.
The subscription period began on Dec. 10 and will now close on Jan. 31 instead of Jan. 24. There is a minimum subscription amount of 100 dinars.
The bonds will be listed on the Bahrain Stock Exchange and will be convertible into Esterad ordinary shares annually starting in 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.
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
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Issue: | Convertible bonds
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Amount: | 7 million Bahraini dinars
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Greenshoe: | 8 million dinars
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Maturity: | 2015
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Lead manager: | SICO
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Coupon: | 4.5%
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Price: | Par
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Yield: | 4.5%
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Conversion price: | Lower of net asset value per share and 0.365 dinars
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Pricing date: | Jan. 10
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Offering period: | Through Jan. 31 (extended from Jan. 24)
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Stock symbol: | Bahrain Stock Exchange: Esterad
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Stock price: | 0.29 dinars at close Jan. 8
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