Videocon brings first Indian CB in five months

Indian conglomerate Videocon prices the five-year deal with a 6.75% coupon and a 3% conversion premium.

Videocon Industries, an Indian conglomerate with businesses ranging from consumer electronics and home appliances to mobile communications and oil production, on Thursday raised $200 million from the sale of five-year convertible bonds.

This is the first CB by an Indian issuer since early July when Shiv-Vani Oil Gas Exploration Services sold $80 million worth of five-year bonds. But this deal was in the making even before that with the company getting shareholder approval for the fundraising on June 22. Indeed, the terms indicate that it wasn’t an easy sell. The bonds were offered with a coupon and yield between 6.25% and 6.75% and a conversion premium ranging from 3% to 10% over Thursday’s closing price...

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