India's Welspun offers cash tender for $150 million of convertibles

By Jennifer Chiou

New York, Dec. 7 - Welspun Corp. Ltd. announced the launch of a cash tender offer for its $150 million of 4.5% convertible bonds due 2014.

The offer is set to end at 10:59 a.m. ET on Dec. 9. Those who submit a tender application should then submit an electronic tender confirmation no later than 8 a.m. ET on Dec .14.

For each $100,000 principal amount, the company will determine the payout using the clearing price for the bonds, less a brokerage commission of 0.2%.

Settlement is anticipated for Dec. 21.

J.P. Morgan Securities Ltd. is the dealer manager (attn: Grant Livingston or Jason Watson at Welspun_Tender_Offer@jpmorgan.com or 852 2800 8817/7737).

Welspun Corp., a metal pipe producer based in Anjar, India, is the flagship company of the Welspun Group.

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