Malaysia's WCT sets price of warrants in RM 600 million bond offering

By Marisa Wong

Madison, Wis., Jan. 21 - WCT Bhd.'s board of directors has fixed the price of the detachable warrants for the company's previously announced offering of RM 600 million serial fixed-rate bonds with up to 193,736,279 detachable warrants, according to an announcement by RHB Investment Bank Bhd.

The warrants will be offered at RM 0.34 each.

The offer price is based on the difference between the nominal value of the bonds and the discounted value of the bonds, divided by the number of new warrants to be issued.

The company announced plans for the bought-deal offering on July 28 and Oct. 5.

As already reported, of the bonds, RM 300 million will mature in three years, with the remainder maturing in five years. The coupon will be determined at a later date.

The bonds will be sold in denominations of RM 1 million.

Proceeds will be used to repay debt and for working capital and general funding requirements.

The issuer is an engineering services company based in Shah Alam, Malaysia.

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