Jubilant Organosys to buy $48.3 million convertibles in tender

New York, Feb. 18 - Jubilant Organosys Ltd. said it plans to buy back a total of $48.3 million of its convertible bonds.

Under the tender offer announced on Feb. 10, it will buy $3 million of its $75 million zero-coupon convertible bonds due 2010 with $52.657 million outstanding and $45.3 million of its $200 million zero-coupon convertible bonds due 2011 with $188.9 million outstanding.

Jubilant will pay $2.55 million in cash for the 2010 bonds, and leave $49.657 million outstanding.

For the 2011 bonds it will pay $37.146 million in cash. Afterwards there will be $143.6 million outstanding.

Settlement is scheduled for Feb. 23.

Under the tender, holders were invited to submit tenders along with the price they will accept.

The payment on offer will be the clearing price set by the company, rounded to the nearest cent, less a brokerage commission of 1%.

All holders whose tenders are accepted will receive the clearing price, even if they submitted a lower price.

Tenders had to be submitted by 10:59 a.m. ET on Feb. 12.

Jubilant Organosys, a Noida, India, integrated pharmaceutical company, said the tender is part of its "active management of its balance sheet."

J.P. Morgan Securities Ltd. is dealer manager (contact Prasad Padmanaban (+852 2800 8817) or Anthony Berger (+44 207 779 3166) or email jubilant_tender_offer@jpmorgan.com).

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