Tenaga prices CB

A rare convertible from Malaysia as Tenaga prices an upsized $350 million offering.

Lead managers JPMorgan and CIMB priced an increased $350 million convertible for the Malaysian electricity utility at London's close yesterday Tuesday following a one-day bookbuild. Lehman Brothers had also originally been mandated as joint bookrunner on the five-year deal, but was removed at the eleventh hour after the company decided to proceed with just one international bank. Co-managers were Dresdner and HSBC.

Terms came at the wide end of the indicative range, but this was said to have...

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