Upsized CB for Indian drug maker

Orchid Chemicals raises $175 million to grow its portfolio of drugs. Conversion premium set at 30%.

Indian drug maker Orchid Chemicals Pharmaceuticals became the latest company to take advantage of the current strong demand for convertible bonds on Monday when it set itself up for raising the equivalent of half its market capitalisation through an upsized CB.

The $400 million-market cap company is expected to raise a total of $200 million after it increased the base size of its five-year, zero-coupon deal to $175 million from $125 million, and kept the greenshoe at $25 million,...

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