Bilcare subsidiary plans to buy back $21.6 million 0% convertibles

By Laura Lutz

Des Moines, Sept. 14 - Bilcare Ltd. announced that is subsidiary, Bilcare Singapore Pte. Ltd., plans to buy up to $21.6 million principal amount of Bilcare Ltd.'s zero-coupon convertible bonds.

The bonds were listed on Jan. 19, 2006 in principal amount of $50 million.

Jefferies International Ltd. and Jefferies Singapore Ltd. are the co-managers for the deal.

Bilcare plans to seek shareholder approval for an amendment that would allow its subsidiaries to hold the bonds.

Jefferies International has agreed to buy up to $21.6 million of the bonds in open-market transactions. If holders approve the amendment, Jefferies International will sell the bonds to Bilcare Sinagpore.

Bilcare is a pharmaceutical packaging company based in Ahmedabad, India.

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