Firstsource Solutions, a leading pure-play BPO company, has launched and priced a Zero coupon Foreign Currency Convertible Bonds ("FCCB") offering for an amount of $275 million, subject to shareholder approval.The funds will be utilised towards the repayment of the $275 million debt contracted at LIBOR plus 250 bps for its recent acquisition of MedAssist Holdings.The FCCBs, which have a maturity of 5 years and 1 day, are convertible at a conversion price of Rs 92.2933 per share, which is at a premium of 35% over the volume weighted average price of Rs 68.3654 on NSE on November 6, 2007.The FCCBs, if not converted into shares during the period, will be redeemable on expiry at a yield to maturity of 6.75% per annum, calculated on a semi-annual basis.The FCCBs are expected to be listed on the Singapore Exchange Securities Trading. JP Morgan and ICICI Bank acted as the joint book-runners to the transaction.
