Associated Cement Companies ACC has closed a double-barreled offer of $60 million convertible bonds and $40 million GDRs, following recent equity-linked offers from Reliance Energy and Indian Hotels.
The book-build took place overnight on Monday with investors covering the books five times. The convertible is priced at par and has a maturity of five years and one day, with a 1% coupon and redemption at 107.936%. The yield-to-maturity is priced at 2.5%, the bottom end of a marketed range of 2.5% to 3%.
The conversion premium priced at the top of a 30% to 35% marketed range for a conversion price of Rs374.2 $8.30. The reference price, taken at...
