By Kenneth Lim
Boston, March 14 - India's Kamat Hotels India Ltd. priced $18 million of five-year convertible bonds on Tuesday to yield 5.5% with an initial conversion premium of 53.1%.
Kamat did not say who ran the books for the Regulation S offering but identified Clearwater Capital Partners as the subscribers of the deal.
The conversion price was set at Rs. 225 per share.
Kamat, a Maharashtra, India-based hospitality group, said the proceeds of the deal will be used to fund its expansion.
| Issuer: | Kamat Hotels India Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | $18 million
|
| Maturity: | 2012
|
| Coupon: | 5.5%
|
| Price: | Par
|
| Yield: | 5.5%
|
| Conversion premium: | 53.1%
|
| Conversion price: | Rs. 225
|
| Pricing date: | March 13
|
| Distribution: | Regulation S
|
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