Tata Steel okays exchange offer of new FCCB for $ 875 Mn CARS program
2009 November 12
Tata Steel okays exchange offer of new FCCB for $ 875 Mn CARS program; new FCCBs will be convertible in 2014 which have coupon of 4.5%; FCCB conversion is at 15% premium to current market price
Tata Steel okays exchange offer of new FCCB for $ 875 Mn CARS program. The company raised $ 875 Mn via convertible alternative reference securities. CARS were due in 2012 which were convertible into ordinary shares. The new FCCBs will be convertible in 2014 which have coupon of 4.5%. The new FCCB issue to help lengthen debt maturity & reduce cost. It will also help reduce future repayment obligations. FCCBs are convertible at Rs 605.53/sh or Rs 46.36/$. FCCB conversion is at 15% premium to current market price.
No related posts.
Subscribe to Stock Market Today