By Rebecca Melvin
Princeton, N.J., Jan. 5 - India's Larsen & Toubro Ltd. priced $100 million equivalent of 0% Japanese yen-denominated convertibles at par with an initial conversion premium of 35%, according to a syndicate source.
The bonds will be redeemed at maturity at 103.30% of face value.
The five-year foreign currency convertible bonds were sold via bookrunners Citigroup Global Markets and ABN Amro.
The bonds, which priced Wednesday, have a face value of ¥10 million per bond and a conversion price of Rs. 2,498.45.
The company said in a release that the bonds are expected to be listed on an international stock exchange, and proceeds will be used for financing capital expenditures and for international acquisitions.
Mumbai, India-based Larsen & Toubro is an industrial engineering and construction company.
| Issuer: | Larsen & Toubro Ltd.
|
| Issue: | Foreign currency convertible bonds
|
| Bookrunners: | Citigroup Global Markets and ABN Amro
|
| Amount: | $100 million equivalent denominated in Japanese yen
|
| Maturity: | 2011
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | 103.3
|
| Conversion premium: | 35%
|
| Conversion price: | Rs. 2,498.45
|
| Pricing date: | Jan. 4
|
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