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Subex discloses details of new convertibles issued in exchange offer
By Angela McDaniels
Tacoma, Wash., Nov. 2 - Subex Ltd. said its $98.7 million of new dollar-denominated convertible unsecured bonds due March 9, 2012 have a 5% coupon and an initial conversion price of Rs. 80.31.
The convertibles were offered to holders of Subex's $180 million of 2% convertible unsecured bonds due 2012 in an exchange offer that ended on Oct. 14.
The company announced on Friday that holders had tendered $141 million of the 2% convertibles during the offer and released the terms of the new convertibles in a notice with the London Stock Exchange on Monday.
The new convertibles will be listed on the Singapore Exchange Securities Trading Ltd.
Barclays Bank plc (+44 20 7773 8300 or +852 2903 2776) was the dealer manager for the exchange offer, and Bank of New York Mellon, London Branch (+44 20 7964 4958) was the exchange agent.
Subex provides operations support systems and is based in Bangalore, India.
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