Berjaya Land brings rare equity-linked deal
The highly structured bonds are exchangeable into lottery operator Berjaya Sports and will solve the issue of an intra-group loan that has been a drag on the share price of both companies.
Malaysia saw its first exchangeable bond in more than a year when Berjaya Land completed a rare ringgit-denominated offering late Monday through joint bookrunners AmMerchant Bank and Merrill Lynch.
The M$900 million $246 million worth of bonds, which are exchangeable into national lottery operator Berjaya Sports Toto, have a five year maturity but can be put back to the issuer after three years. They pay an 8% coupon û fixed at the wide end of a marketing range that...
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