By Rebecca Melvin
Princeton, N.J., Dec. 6 - India's Spicejet Ltd. issued $80 million five-year foreign currency convertible bonds at par to yield 0% with an initial conversion premium of 29%, according to a syndicate source.
Bookrunner for the deal was Jermyn Capital, based in the United Kingdom.
The bonds have a maturity of five years and one week and are convertible into shares at a conversion price of Rs. 90 per share at the option of the holder. There are no calls or puts.
Proceeds from the offering will be used to meet the company's capital expenditure plan of acquiring aircraft, the company said in a release.
The bonds will be listed on the Luxembourg Stock Exchange.
Based in New Delhi, Spicejet changed its name from Royal Airways Ltd. in May to position itself better as an innovator among low cost carriers.
| Issuer: | Spicejet Ltd.
|
| Issue: | Foreign currency convertible bonds
|
| Bookrunner: | Jermyn Capital
|
| Amount: | $80 million
|
| Maturity: | December 2010
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion premium: | 29%
|
| Conversion price: | Rs. 90
|
| Call: | No calls
|
| Puts: | No puts
|
| Pricing date: | Dec. 5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
