Amtek India upsizes 6% five-year convertible issue to $130 million

By Rebecca Melvin

New York, March 20 - Amtek India Ltd. exercised its $30 million upsize option, lifting its new issue of 6% convertible bonds due April 6, 2017 to $130 million, according to a final term sheet.

The Regulation S offering priced on March 19 and was upsized from a base deal size of $100 million.

As previously reported, the bonds have an initial conversion premium of 5% and were sold via Standard Chartered Bank as the bookrunner.

Proceeds will be used for future acquisitions and for capital expenditures.

The bonds are non-callable except for a cleanup call if more than 90% of the principal amount has been redeemed.

The securities cannot be converted for three years, and then they are provisionally convertible if the company's shares are trading at 130% of the conversion price.

There is a change-of-control put and cash dividend protection.

Application will be made to list the bonds on the Singapore Stock Exchange.

New Delhi-based Amtek India manufactures automotive components.

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