By Rebecca Melvin
New York, Sept. 23 – Larsen & Toubro Ltd. priced $200 million five-year convertible notes on Tuesday at par with a 0.675% coupon and a 28% initial conversion premium, according to a news release.
The bonds, which have a par price of $200,000 each, were launched and priced on 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 at a conversion price of Rs. 1,916.50.
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: | 2019
|
| Coupon: | 0.675%
|
| Price: | Par, $200,000
|
| Yield: | 0.675%
|
| Conversion premium: | 28%
|
| Conversion price: | Rs. 1,916.50
|
| Pricing date: | Sept. 23
|
| Distribution: | Regulation S
|
| Stock symbol: | BSE: LTP
|
| Stock reference price: | Rs. 1,496.80
|
| Bond listing: | Singapore Exchange Securities Trading
|
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