United Phosphorus grows investor base

Unusual two tranche structure for Indian agro chemical company.

United Phosphorus, one of the world's top five generic agro chemical companies, raised $140 million from a two tranche CB last Friday December 9. The UBS-led deal differs from most Indian CB in that it forsook a hefty conversion premium in favour of a high degree of equity sensitivity.

The deal is split into two tranches, of which tranche A is effectively equity. This $60 million tranche was priced at par and has a...

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