Bilcare, a pharmaceutical packaging company, today announced that its wholly-owned subsidiary, Bilcare Singapore Pte, has issued 4% convertible bonds, due in 2012, to raise $90 million.The bonds will be redeemable at the option of the bondholder on the maturity date at 130.726% of the principal amount, plus accrued interest, as per the terms of the issue. The bonds may also be converted to shares of Bilcare Singapore Pte at maturity or 90 days after the completion of a qualified IPO. The bonds will be listed on the Singapore Stock Exchange.According to the company, the proceeds from the issue will be utilised for its on-going global expansion/investments.
