By Kenneth Lim
Boston, May 31 - India's Kanoria Chemicals and Industries Ltd. sold $20 million of five-year zero-coupon convertible bonds to yield 7.5% with an initial conversion premium of 51.73%.
The bonds have an initial conversion price of Rs. 160. Kanoria shares closed at Rs. 105.45 on Tuesday before the deal was priced.
Silverdale Services was the manager of the deal.
Kanoria, a Kolkata, India-based maker of chemical intermediates, said the proceeds of the offering will be used to increase its manufacturing capacities for chlor alkali and other chlorinated derivative chemicals.
| Issuer: | Kanoria Chemicals and Industries Ltd.
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| Issue: | Foreign currency convertible bonds
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| Bookrunner: | Silverdale Services
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| Amount: | $20 million
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| Maturity: | Five years and one day
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| Coupon: | 0%
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| Price: | Par
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| Yield: | 7.5%
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| Conversion premium: | 51.73%
|
| Conversion price: | Rs. 160
|
| Pricing date: | May 31
|
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