Mercator Lines raises $60mn via FCCBs

Mercator Lines has raised $60 million by issuing foreign currency convertible bonds (FCCBs).

According to a release issued by the company to the BSE today, the bonds will have a maturity of 5 years and one day with yield-to-maturity of 5.95% per annum.

"The bonds will be converted to equity shares at Rs 149.53 per share (with a fixed rate of exchange on conversion of Rs 43.73 per dollar) - a 40% premium over the volume weighted average price of Rs 106.81 on the date of launch of the bond (April 7, 2005)," the release said.

The bonds carry a cash coupon rate of 1.50% per annum, and will be listed on the Singapore Stock Exchange, the release added.