Indian DVD maker issues $150 million two-tranche CB
The aggressive terms on Moser Baer's transaction are mitigated by reasonable conversion premiums. The company's move into new businesses also helps to attract investors.
Moser Baer India, a developer and manufacturer of CDs, DVDs and other removable data storage media, last night raised $150 million from the sale of a two-tranche convertible bond.
Observers say the terms were aggressive, which was also indicated by the fact that the yield was fixed at the wide end of the indicated ranges. However, the conversion premiums, which were fixed at launch, were not as eye-catching as on some recent deals which have had premiums well above...
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