Panacea Biotec Ltd has launched and priced USD 100 million FCCB offering through two structures with conversion premiums based on future price of the underlying equity shares. The bonds have a tenure of five years and one day.
The Yield to Maturity (YTM) on both structures is set at 4.5% and 7.25% p.a. respectively. The company has applied for the bonds to be listed at the Singapore Stock Exchange. The offering was launched after market trading hours on February 07, 2006. Merrill Lynch International acted as the sole book runner to the offering, states the company release.