India's largest non-ferrous metals and mining company Sterlite Industries raised $500 million early on Friday from a convertible bond that featured the highest conversion premium on an Asian CB this year at 37.5%.
The offering, which was led by Deutsche Bank and Morgan Stanley, was structured like an Indian CB with a five-year maturity and no put, but since the bonds are convertible into Sterlite's American depositary shares ADS listed in the US, it was marketed like a US deal. This means the stock was trading during parts of the marketing and, as a result, the premium was fixed on the back of a share price that fell 10.5% during Thursday's US session. However,...
¬ Haymarket Media Limited. All rights reserved.
