Indian drug research and manufacturing firm Glenmark Pharmaceuticals raised $170 million on Tuesday from a US dollar-denominated convertible bond with an unusual structure that has not been seen in Asia for over a decade.
Glenmark’s convertible bond was launched with a six-year tenor and an investor put exercisable after five years and a month. The deal was marketed at a base size of $150 million with a $50 million upsize option, which was partially exercised immediately before the close of the transaction.
The final offer size was settled at $170 million, although the company can still exercise the remaining $30 million of the upsize option within 60...
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