By Kenneth Lim
Boston, April 28 - India's Karur KCP Packkagings Ltd. on Friday said it had priced $10 million of five-year convertible bonds at a coupon of 2% with a yield of 7%.
The company did not say what the initial conversion premium was.
Silverdale Services Ltd. was the bookrunner for the deal.
Karur KCP said the proceeds of the deal will be used to increase its production capacity of extensible sack craft paper by 40%, to increase the production capacity of its polypropylene division by 60% and to set up a windmill.
Pondicherry, Tamil Nadu-based Karur KCP supplies packaging material to the cement industry. Its stock closed at Rs. 88.50 in Bombay on Thursday.
| Issuer: | Karur KCP Packkagings Ltd.
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| Issue: | Foreign currency convertible bonds
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| Bookrunner: | Silverdale Services Ltd.
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| Amount: | $10 million
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| Maturity: | Five years and one day
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| Coupon: | 2%
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| Yield: | 7%
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| Pricing date: | April 28
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| Symbol: | Bombay: KARUKCP
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