By Rebecca Melvin
New York, Oct. 9 - Larsen & Toubro Ltd. priced $200 million of five-year convertible notes on Thursday with a 3.5% coupon and an initial conversion premium of 16%, according to a news release.
The bonds, which have a par price of $100,000 per bond, were launched and priced the same day in an accelerated foreign currency convertible bond offering.
The bonds are expected to be listed on the Singapore Exchange Securities Trading Ltd., and they are convertible into equity of the company at the option of holders.
Mumbai, India-based Larsen & Toubro is an industrial engineering and construction company.
| Issuer: | Larsen & Toubro Ltd.
|
| Issue: | Foreign currency convertible bonds
|
| Amount: | $200 million
|
| Maturity: | 2014
|
| Coupon: | 3.5%
|
| Price: | Par, $100,000
|
| Yield: | 3.5%
|
| Conversion premium: | 16%
|
| Conversion price: | Rs. 1,908.20
|
| Pricing date: | Oct. 8
|
| Distribution: | Regulation S
|
| Stock symbol: | BSE: LTP
|
| Stock reference price: | Rs. 1,649.80
|
| Bond listing: | Singapore Exchange Securities Trading
|
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