Welspun Corp, an Indian manufacturer of steel pipes for the transportation of oil and gas, on Wednesday launched a tender offer for its $150 million convertible bond that matures in 2014 and which is currently trading at about 80% to 82% of its principal value.
The offer is structured as a reverse bookbuild, which means that bondholders can submit a bid with the number of bonds they would like to tender and at what price. After reviewing the bids the company will decide on a final price where it will buy and all bonds tendered at or below that price will be bought back. Bondholders whose bids are accepted...
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