indian-steel-maker-raises-325-million-from-cb

Indian steel maker raises $325 million from CB

The bought deal is re-offered below par at launch to accommodate the aggressive terms, including a 50% conversion premium.
Indian steel maker JSW Steel yesterday completed the international fund raising that it flagged at the end of April by selling $325 million worth of five-year convertible bonds.

The bought deal, which is the companyÆs first foray into the international capital markets since its IPO, was offered at fairly aggressive terms and, to ensure there was sufficient interest, joint bookrunners ABN AMRO Rothschild and Citi chose to launch it with a re-offer price of 99% to 100%. The zero coupon deal was eventually priced at 99%.

The conversion premium and the yield were also fixed at the top end of the indicated ranges to the benefit of investors. However, the company is said to...
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