By Kenneth Lim
Boston, May 7 - Man Industries India Ltd. priced $50 million of five-year zero-coupon convertible bonds at an initial conversion premium of 26.2% over its May 3 volume-weighted average stock price.
BNP Paribas was the bookrunner of the Regulation S offering.
The bonds are convertible into Man's Mumbai-listed common stock at Rs. 287 per share. The company did not disclose the yield of the convertibles.
Man, a Mumbai, India-based maker of oil and gas pipelines, said it will use the proceeds of the deal to expand its manufacturing facilities, to grow overseas and for other general purposes.
| Issuer: | Man Industries India Ltd.
|
| Issue: | Convertible bonds
|
| Bookrunner: | BNP Paribas
|
| Amount: | $50 million
|
| Maturity: | 2012
|
| Coupon: | 0%
|
| Conversion premium: | 26.2%
|
| Conversion price: | Rs. 287
|
| Pricing date: | May 5
|
| Settlement date: | May 22
|
| Distribution: | Regulation S
|
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