By Rebecca Melvin
New York, June 1 – Glenmark Pharmaceuticals Ltd. has priced $170 million of six-year convertible bonds at par with a 2% coupon and an initial conversion premium of 20%, according to a news release.
The yield to put/maturity is 5.75%. The convertible issue, which has a $30 million upsize option, is being sold via bookrunner J.P. Morgan Securities plc, and the bonds are expected to settle on June 28.
The conversion price setting date is Nov. 30, 2017. The share reference price will be the average volume weighted average price of shares from Oct. 3, 2017 to Nov. 30, 2017.
There is an investor put after five years and one month on July 28, 2021.
The bonds are expected to be listed on the Singapore Stock Exchange.
Mumbai, India-based Glenmark is a pharmaceutical company.
| Issuer: | Glenmark Pharmaceuticals Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | $170 million
|
| Upsize option: | $30 million
|
| Maturity: | June 28, 2022
|
| Bookrunner: | J.P. Morgan Securities plc
|
| Coupon: | 2%
|
| Price: | Par
|
| Yield: | 5.95%
|
| Initial conversion premium: | 20%
|
| Reference price: | Based on VWAP from Oct. 3, 2017-Nov. 20, 2017
|
| Investor put: | On July 28, 2021
|
| Pricing date: | May 31
|
| Settlement date: | June 28
|
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