The M$900 million $246 million worth of bonds, which are exchangeable into national lottery operator Berjaya Sports Toto, have a five year maturity but can be put back to the issuer after three years. They pay an 8% coupon û fixed at the wide end of a marketing range that started at 7.5% - which is equal to the yield, since the issue price, put price and redemption price are all set at par.
The proceeds from the bonds will be used partly to settle...
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