Gremach launches up to $50 million 0.75% convertibles to yield 6.75%-7.25%, up 10%-15%

By Evan Weinberger

New York, Nov. 21 - Gremach Infrastructure Equipments & Projects Ltd. announced the launch of up to $50 million in 0.75% foreign currency convertible bonds due 2012 to yield 6.75% to 7.25% with an initial conversion premium talked at 10% to 15% Wednesday.

Standard Chartered Bank is the bookrunner of the Regulation S transaction.

Gremach received permission from shareholders to issue up to $75 million in convertibles on Aug. 6.

Gremach is a Mumbai-based construction equipment rental firm. The company did not say what the proceeds would fund.

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