first-cb-by-an-indian-bpo-firm

First CB by an Indian BPO firm

Firstsource raises $275 million to re-finance its recent MedAssist acquisition in the US.
Indian business process outsourcing firm Firstsource Solutions has raised $275 million from a convertible bond that will allow it to replace a bridge loan put in place over the past month to pay for a recent acquisition.

This was the first convertible bond issued by an Indian business process outsourcing BPO company, but given the increasing acquisition appetite within the sector, it is likely that more issuers will tap into this opportunity to achieve lower-cost funding. Investors have a strong appetite for Indian equity-linked paper because supply has been reduced since new regulations were brought in this August.

FirstsourceÆs bonds also traded well in the secondary market, with the bonds rising slightly to 100.25-100.5 post-pricing,...
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