Tenaga prices CB

A rare convertible from Malaysia as Tenaga prices an upsized $350 million offering.

Lead managers JPMorgan and CIMB priced an increased $350 million convertible for the Malaysian electricity utility at London's close yesterday Tuesday following a one-day bookbuild. Lehman Brothers had also originally been mandated as joint bookrunner on the five-year deal, but was removed at the eleventh hour after the company decided to proceed with just one international bank. Co-managers were Dresdner and HSBC.

Terms came at the wide end of the indicative range, but this was said to have enabled Tenaga to maximise proceeds, which are being used to re-finance debt and lengthen the company's maturity profile. With a coupon of 2.625%, the deal was priced on a conversion premium of 16% over a...

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